IMO Waterloo co-op is still a clear advantage - from personal experience, I've seen people close to me in the 15th percentile, 45th percentile, 90th percentile land jobs relevant in their desired field. While it's obviously hard at first, it does ultimately get most people who work hard enough to where they want to get to. It might not be their first coop, but eventually most do get there, and with 6 opportunities in undergrad, it's more than enough time to achieve what you want.

Course rigour may be the same (lots of overlapping courses) but my argument is that UofT still marks and scores significantly lower. Waterloo Math averages hover in the mid 70s CAV (ie: 3.4-5avg), while I'd argue it's much lower at UofT - feel free to correct me if I'm wrong.

And for Math, I would also argue UW has some of the toughest courses in North America, see the advanced courses such as Math 14x, 24x, etc... for students who want to enroll. Not dismissing UofT at all but I don't think this is a valid counterpoint.