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4 does it a million times better and has more content.
When Eu4 came out they were more comparable as it still had a lot of baggage from EU3, but they've since changed most of the innate mechanics on a pretty fundamental level.
They wanted to make it more accessible to new players, since HoI3 is a bit a cliff.
But they went too far...but also not far enough.
So it ended up not really appealing anyone, and they've been trying to fix that since then.
EU4 though nailed it perfectly and has only gotten better. And is still the overall best in terms of accessibility to depth ratio.
And it got even better over time as they improved a lot of systems which before were fairly arbitrary and you just had to suffer from them as you played, but now you have a lot of options to dealing with most mechanics in the game.
And that's just the base game.
Then you have numerous ala carte dlcs that you can use to further customize the play experience to how you like to play, without compromising iron-man mode.
And beyond that mods that can go even further.
Definitely not. A good argument could be made that HoI3 is superior in some aspects to HoI4, but that definitely can't be said of any other Paradox game.
eu3 = sliders
Most of EU3's systems are tied to sliders.
only about 1/3 of the slider mechanics were replaced by Monarch Points.
The rest still use sliders or were replaced by ideas.
(you also only get about 8 "ideas" in EU3, which are your "national ideas" for their EU4 equivilent, with every nation sharing the same pool but hamstrung by a bunch of different penalties or government types that affect how quickly they can development them).
The idea groups system on the other hand replaced a bunch of sliders for various operational things.