I played the demo during the Steam Greenlight? event/deal/thing back in October last year, could be wrong on the dates. It was a lot of fun and played great on my system. Definitely gunna pick it up.
It's certainly similar to Valheim but I wouldn't necessarily put them together, closer to Palworld, Ark or V Rising (if you ignore the camera orientation). Build system is very similar to Palworld & V Rising and not nearly as robust or complex as Valheim. When I played the demo, the world was static, not a random seed generator, another big difference from Valheim. I haven't had a chance to try out the recent quest system added to Valheim so I can't compare the two faithfully but Enshourded definitely seems to focus on quests more than Valheim. While Valheim has a story/lore, it's not as prominent or "center stage" as Enshourded. Combat was really fun, it was a bit clunky or possibly just "different" but I remember a small learning curve to it.
I have over 500 hours in Valheim and the build system is my favorite part so that might be skewing my perception on the similarities a bit. If I remember correctly, this is made by the same devs that did Portal Knights, which I really enjoyed playing. There are some elements to Enshourded that remind me of Portal Knights as well so that would add up.