Personally I like to use both and for specific jobs. For example, when we have tools that need to be deployed across 10+ AWS accounts managed by different Ops

Personally I like to use both and for specific jobs. For example, when we have tools that need to be deployed across 10+ AWS accounts managed by different Ops team, I hand them a CloudFormation template and they could run it, plug in the right parameters, pulling lambda code from the same S3 bucket we have etc... Totally agree with Writing Cloudformation is a pain but when you have it done once, it works consistently and we don't have to worry about terraform version, the tfstate etc... It just works. I use terraform for more complicated setup, an environment that we keep adding ontop, share & manage among our team and need rebuild/redeploy often/quickly or an environment we need to spin up for various tasks (eg incident handling VPC, interview challenges, CTF events...) ... Terraform and its powerful reusable terraform modules/module registry make spinning up these environments in minutes make it extremely attractive. Managing terraform version and tfstate is still a pain with terraform even with the help of remote S3 bucket & dynamodb lock but it is definitely better than when i first started and we had gpg encrypted tfstate. With that said, I work in security and only very occasionally I need a big deployment like scalable spark cluster or multi-zone elasticsearch cluster etc... so perhaps I don't have enough indepth knowledge about each tools.