When is HW much more complex than the SW? I work in a company that designs (far from trivial) hardware, and develops embedded software, and in my experience sof

When is HW much more complex than the SW? I work in a company that designs (far from trivial) hardware, and develops embedded software, and in my experience software is always more complex than hardware, due to the many layers of abstraction (unless you are writing only, IDK, boot loaders in assembler? and even then it is about the same level of complexity)