The strong interplay between the nuclear structure and reaction dynamics near the Coulomb barrier makes the reaction observables a powerful tool for probing the structural properties. To disentangle the roles of nuclear deformation and positive Q-value neutron transfer channels, the angular distributions for quasi-elastic scattering and neutron transfer have been measured for ${}^{14}$N+${}^{176}$Yb system and analyzed in the context of the mid-shell heavy nuclei A=176, where inelastic and transfer couplings compete each other. The measured angular distributions for quasi-elastic and one-neutron transfer has been interpreted in light of coupled reaction calculations using the FRESCO code. Analysis of the quasi-elastic angular distribution indicated a strong influence of inelastic excitations arising from the large nuclear deformation of ${}^{176}$Yb nucleus. The influence of 2n-pickup channel was calculated in the single-step and sequential modes. The analysis suggests that the 2n-pickup channel have a feeble impact on the angular distribution and the transfer of 2n in step mode more adequately explains the experimental data. Furthermore, the analysis of the angular distribution for one neutron pickup channel suggested a significant contribution from higher energy states compared to lower energy states, which might be due to the large deformation of ${}^{176}$Yb nucleus. The present study validates the reported values of deformation parameters and spectroscopic factors, respectively, for ${}^{176}$Yb nucleus. The results show a significant impact of the collective nature on the spectroscopic behavior of the reaction partners ${}^{14}$N + ${}^{176}$Yb, which is reflected in the experimental observables. These measurements provide important input for separating the contributions of positive Q-value transfer channels and nuclear deformation in governing the fusion dynamics.