No, their saying cloud formation wasted billions of person years per total deployed stacks, due to poor of use of sleep/waits between resources, and they’ve minimized that. Terraform’s native AWS provider never had that issue, and is still considerably faster. Terraform also has a cloud control based AWS provider [0][1], which might seem some benefit as its the same underlying engine as cloud formation.
[0] - https://aws.amazon.com/cloudcontrolapi/ [1] - https://registry.terraform.io/providers/hashicorp/awscc/late...