your company sounds like they know what they are doing. Cloudformation will take your infrastructure from point A to point B or roll it back in case of failure. Terraform, not so much.
So much this. If you hate cloudformation, have a look at CDK, which allows you to programmatically define a stack in a language of your choice, instead of trying to use unreadable huge yaml to write code.
I really wish terraform will one day reach the same features and maturity as cloudformation.
to be fair to Terraform, this is hard. It's hard when you are dealing with multiple cloud providers since you have to keep state somewhere. Network failures or underlying cloud failures are gonna impair TF in the head every time.
If there is one thing TF needs to learn to do is handle failure. Right now it has that rosy yolo approach leaving you to pick up the pieces when it fails.
lol. Terraform cannot do basic things like rollback the deployment in case of failure. Also, I have yet to see CF losing track of its resources.
Here is a challenge for you: Deploy a moderate to complex infra with Terraform and after that try to clean up all the resources it created. 50$ says Terraform cannot do it and you need some sort of manual/script intervention. The future is bright.