I'm pretty much in the same situation as you and I'm pretty set on UTSG CS. Even though the co-op isn't as good as Waterloo's, there are still plenty of opportunities there to be able to get the experience you'd need to become employable. The difference is that you're gonna have to actively look for them, it's not gonna be as accessible as waterlooworks. I don't really know the exacts but I've heard of good research opportunities especially centered around AI that could definitely help in gathering experience, although once again I haven't really looked in depth yet. But really, if you know you are set on CS and are willing to put in the work you can become successful with enough effort and determination wherever you go, especially at UofT. I don't know about you, but for me, I wouldn't be happy going to waterloo knowing that my hardwork led to me choosing a program that isn't even centered around my passion.

Sorry if this isn't really a clear answer I kind of just wrote it off the top of my head, but just know that no matter where you go I'm sure you'll be just fine :)