It's better than CloudFormation (or a bunch of home grown bash scripts) and you can also modify providers beyond just the cloud host (ie: datadog alerts, database users and permissions, etc, etc.).
Just to expand on your second point, because I think it's often missed, there are a ton of 'providers' available that extend management of their products (to varying, sometimes hilariously little extent). If you're running products from any of the vendors on this list, you might be able to use terraform to manage them as well:
