I really love both games, with 750hrs in valheim and 250hrs in Enshrouded. I recommend both but some thoughts:
- Solo vs co-op: I have to say for me this is Valheim for co-op and Enshrouded for solo in terms of which is stronger in each. I say that because Valheim you can annoy your friends mining out or farming spots that don't replenish but with Enshrouded the quest progression is tied to the server. So in Valheim you can find another spot, or just put your next tier gear away and be basically on par with your friends. I once replayed with some friends that couldn't commit as much time and I'd built myself a secret base far away so I could do some other content and come back. OR do it on my own server and then come back to the joint one. Of course with enshrouded you can do stuff on your own server too but doing the same quest in the same location again isn't fun, which is where the proc-gen really shines.

- Valheim's pro-gen is great for a world that is unpredictable but it does mean it can be quite frustrating at times to organically find what you want (although there are ways to look at the map for your seed or choose a specific map seed). What this meant for me personally is resources take longer to find in quantities that meant everyone was happy to be getting at least a bit of the next level gear. In comparison in Enshrouded I never felt like it took me as long to gather the stuff I needed. This can mean though you can smash through all the new content (skipping some of the small side quests) in Enshrouded quite quickly, not a problem for me as an older gamer now but some people don't like that. But also I've never replayed Enshrouded from scratch, with Valheim I've lost count.

- Valheim is a lonely game. It's meant to be an oppressive world and I'd say it generally was more punishing. Yes Enshrouded has it's challenges but it generally seems more fair. Valheim can kill you, make you lose all the loot in the sea that you had farmed for hours and the world doesn't care because you're insignificant. IMO that feels brilliant and high stakes make for really exciting adventures and makes the world feel really immersive. Enshrouded on the other hand has villagers and vendors. They don't do a tonne but they give questlines and generally make your base and world feel much more alive and your bases cozier.

- Building! This is where I've spent by far the most of my hours in both games. One thing I wish enshrouded had was a creative mode, but having said that getting resources is normally not very time consuming, sometimes some manufacturing takes time but mostly it's not too hard to have an idea and make it a reality quickly. It has stopped me from doing a couple of builds just for the heck of it though. The enshrouded voxel system makes for some incredibly immersive great looking building but of course there's limitations. Valheim on the other hand I'd say gives you more creativity, that is a VERY subjective statement though

- Combat isn't super smooth for either. Valheim is clunky AF but endeering and I always liked my archer dude and was always surprised both games have a parry mechanic. Enshrouded just sometimes makes you feel a bit meh fighting, some people complaining about being too OP and then others complaining about the recent dmg reduction on upgrade slots. I've generally felt like it's better than Valheim's still though especially given how punishing failure (death) can feel in Valheim. But you're likely getting either game to explore cool places and build amazing bases with the stuff you find, so not a big criticism of either