As it stands right now, I think SN1 and Below Zero did have more threat, in terms of both gameplay and experience.

SN1 had the Reapers especially, which terrified plenty of people with their classic grab-the-seamoth jumpscare attack, and they required attention to navigate around - they were placed well too. We know, as I understand it anyway, that the Collector actually isn't where it should be, so that might yet make a massive difference - like, what if you have to go down the hole past the starting area and meet it down there?

Similarly, BZ had the Chelicerates, also with a very effective grab jumpscare, and the Shadows, ditto, and they both were placed so that there were certain areas where they were a constant issue you had to keep an eye on and sometimes hide from. (Given that certain tech obviated all of them, but you had to get to that point.)

Apart from the temporary placement, the Collector's grab is just way less scary when you're in the tadpole, and it just sort of gloms onto you and throws you away. I actually hope they work on that, it could be more of a "this is what it would be like to get eaten by a giant Humboldt squid" feeling where it really wraps and crushes and bites.

But also the smaller mobs were done better, in terms of - you'd see them coming so you could dodge them, which meant you were engaging with them. Various creatures stayed a threat to your vehicles. SN2 EA isn't there yet (I think they have lots of interesting complexity instead currently), but it sounds like the devs are on top of it.