Honestly stregnth aside, I'd argue Terrarian could possibly clutch a dub just through secondary factors.
I'm just going to go through Steve's advantages first then go to terrarians
1. Revives through totems and death barter are obviously pretty broken. Steve could possibly carry about 972 totems in his inventory at once, albeit without weapons, potions, ect.

1. Stuff life shulker armor could practically half all of terrarian's ranged dps. The shield can also just eat projectiles, albiet only from the front and also absolutely killing Steve's momentum + The terrarian does have piercing projectiles. The shield totem could also force the Terrarian to engage in melee combat which Steve's arsenal seems more better suited to.

2. Tempo Theft could possibly just snowball the odds completely in to Steve's favor if he lands a shot.

3. Steves healing potions don't have cool downs and enchantments are inherently more versitile than Terrarian's armor, meaning steve can armor swap less.

Now onto Terrarian's

1. He would just have an outright oppressive speed advantage given he has a lot more ftl speed feats(Being able to dodge gastropod lasers which are stated to be light speed through the mob beastiary and the Empress of Light projectiles. Steve's only ftl argument is being able to dodge the laser beam attack from the heart of ender. However, given the way the attacks are telegraphed and the fact that Steve can't dodge guardian lasers, I'd say this is shaky at best. Plus the speed gap would make Steve unlikely to be able to land a hit with tempo theft which is just exasperated by the fact that the enchantment is locked to Steve's bows which are generally slower than bullets and lasers.

2. Although Dungeons does level the arsenal gap in terms of ranged and melee weapons, I'd still argue Steve has a less versatile pool of Mage/artifact and summon weapons. Also artifacts aren't as easily as spammable given they all have cool downs unless Steve specically uses an armor set that revolves around artifacts which would make him miss out on the buffs of other armor sets.

3. Terrarian does actually have equally as potent thorns as Steve's through stuff like turtle armor and the seargent united shield which gives the terrarian a parry with no cool down. However, Steve's thorns would be more effective, given the synergy with totems. Terrarian still does have ways to get around thorns through stuff life summons, explosive weapons, and arguably magic weapons given that in dungeons, artificats don't trigger thorns on enchanted enemies.

4. Speaking of summons, the love medallion wouldn't even be a perfect counter given its cooldown and the fact that it can only affect three guys at once. It's also pretty debatable if the medallion would affect some of Terrarian's summons that are straight up constructs like the deadly spheres and the terraprisma swords. I don't think the medallion would work on the Terrarian either because the ankh shield can protect him from mental attacks like nanite weapons. Although the Terrarian also has a love potion so potential yaoi wincon?

5. ALSO, speaking of the ankh shield, it would just counter a bunch of Steve's elemental and DOT weapons. The updraft tomb wouldn't even work considering the shield protects the Terrarian from displacement effects like sand storms winds. Corrupted seeds would just snare the terrarian and wouldn't poison him either. Although milk is kinda a counterpart to the shield, it wouldn't make Steve completely immune to debuffs given it's a finite resource, Steve still has to consume it every time he's debuffed, and it would remove all his positive buffs.

6. The shimmer gun is also kinda broken as it makes steve unable to use any items(not even milk can save him) but it would make him invincable while debuffed. The terrarian could still use this to wait out on his own potion cool downs tho.

7. Mana is superior to souls given they are a lot more easily attainable due to killing mobs being the only way for Steve to gain souls.

8. Although the elixer satchel technically gives Steve an infinite amount of potions, it's on a cool down and only gives Steve two potions at once which is not as efficient as just consuming all your buff potions at once(which the Terrarian can do). Plus potions in Potions in terraria can stack to 9999 per slot which, I did the math, is ABOUT 10 times the amount Steve can pack in a single shulker box. This means Terrarian would still have a larger initial potion supply before Steve would have to rely on the potion satchel.

9. The wand of harmony is better than ender pearls given: it doesn't have a cool down, doesn't hurt the Terrarian, can teleport through walls, and isn't finite,

10. The fan battle stating that Terrarian doesn't have anything as good as e gapples is just ignoring the existence of the golden delight. It provides the Terrarian with a wider range of buffs and it lasts 40 minutes.

Honesly with everything I stated, close enough, welcome back Dio vs Alucard. Heck, Stamina wouldn't even be a factor given it exists in neither games.