When it works, which is a big caveat: we had far more cases where it failed in a way which required manual remediation and the gaps in validation meant that you'd be in a “apply / error / rollback” loop requiring 20+ minutes before you could try again. Terraform was always considerably faster but it was especially the orders of magnitude improvement in retry time which convinced most of us to switch.
The CloudFormation team has been working on this so it's possible that experience has improved but the scar tissue will take time to fade.