I think a big difference is that in the end emacs often makes a call and adopts one of the very popular packages to the core - eglot, modus-themes, use-package - there are certainly more, and more will come. It may not make everyone happy, but is sets the baseline - e.g., I am using eglot as package manager, but I wrap it into use-package commands for compatibility reasons.

No such thing exist in neovim (or at least in times when I was using it), so that churn never ends. Also I find, that neovim ecosystem is concentrated on one (very productive) developer in an unhealthy manner - folke often takes time off and half the packages one uses stands still.

But in the end, while I like neovim, I also find that emacs ecosystem has better ideas - which-key, embark do not stop to amuse me (I will not comment on whether it is a good thing for a text editor). I also do not like lua and actively dislike the experience of debugging and configuring neovim with it (maybe less of an issue with LLM these days).

In my experience, running in a terminal absolutely adds a bunch of rendering/performance issues and all kind of surprising failures with hotkeys.