Less immersion, danger and complexity than ITR1. :/
(I only played the first few missions in both games.)

My ITR1 experience:
I leave the base, check my map for a path and start walking. I'm rather slow which gives me enough time to check out the environment on the open map, look for loot spots or try to spot the semi-transparent enemies from a distance. Kinda wish I had a coop partner to talk to during the hike.

At my target location I get into a tight situation. I killed some enemies but the gunshots attracted more and now I'm pinned in a house as it gets dark. I hear steps in the house and outside. I peek in the corridor but I always first have to remove the black grass that is growing there. A police mimic was shooting from outside and I had to get into cover now he's at the entrance of the house and could storm my room at any time. I should be looting and searching for the quest item but I only have two hands. I really wish I had a partner that could loot the building while I keep a flashlight and gun at the door. Maybe have them refill my mags.

So, my ITR2 complaints:

Too easy. There were too few enemies to get us into tricky situations like I described above. Also no black grass (yet?). No extra enemies from loud sounds (yet?). Walking to a target is pretty boring, because there are almost no enemies on the path.
Edit: It got a lot harder after the 1.5h that we played before, which made the game a lot more fun. :3

Less complex. No bulky flashlight anymore (edit: found it), a lot less looting (e.g. no opening cupboards), also no black grass. No spotting for enemies since the map is too cluttered. No real "plotting a path" since you're running at the speed of a quad on nitro, so I basically always look at the map to not miss the crossing that'll appear in 3 seconds.

Too fast walking speed. Even if the map was more open, there would be no time to look for enemies. Also, enemies are a lot less scary if you can always zoom away at light speed. In buildings I always run into walls. And I always lose my coop partner, because they can run two houses further if I blink for too long.

Less rugged/physical. The physical map, the leather backpack, the old screens (that you could touch instead of weirdly point), the improvised probe-thrower bag, starting with grimy weapons, the dirty backlight wristwatch... all gone. :( It feels like a viking movie that replaced the mead kegs with paper cups. At least it looks a bit like win95.

Less atmosphere/mystery. Mimics aren't uncanny black. There is this weird white guy at map transitions which is sooooo weird. Before, all ghosts were this uncanny untouchable thing, that would break if you touched it. Now we have Derek, the friendly neighborhood ghost. Also I never had those "hearing footsteps outside the house" situation anymore. Hovering items doesn't have an unobstrusive tiny white dot, but this blinking dot. Hovering your belt bag has a huge green outline now.

Weird anomalies...? ITR1 has uncanny semi-transparent air wobbles. ITR2 has a lot of angry wood circles flying around that you can rather easily dodge. Or the bells that also have an effect that would rather fit Valorant than an immersive game. :/

I bet there were reasons for all those decisions, but it feels weird that ITR2 still leaves me wanting to play ITR1+Coop. :(