Terraform is better in almost every way. If you use Cloudformation you'll end up writing a bunch of bash script wrappers or similar around it to make it actually do what you want.
Everyone who's tried both at scale has said the same thing.
I disagree. I spent time in Terraform a few years ago working with a client and Terraform had the ability to create but not tear down resources for some services. I was shocked -- check out the Github issues history. I ended up writing a "bunch of bash script wrappers or similar around it".
Overall, I think Terraform is better if you're deploying a lot of inter-connected resources, but Cloudformation makes a lot of things "just work" in ways that Terraform doesn't. I think of it like ECS vs. EKS/Your Own Kube Whatever. ECS is full of gotchas and limitations, but if you play along with it you get a lot of things "for free".