I just replaced a Kindle Paperwhite that was probably 7/8 years old with a Kobo Libra 2. Can’t compare it to a modern Kindle, but the Kobo screen is bigger and looks more like paper.
My only gripe is that the software has some odd design choices. On a Kindle, the night mode button is on the main drop down menu, but in Kobo you have to hit the gear button to get to the settings, then scroll down a page to toggle night mode.
Both devices seem to read most formats out there. Look up a program called Calibre to maintain a local library on your PC and convert formats easily.
The main selling point for the Kobo was not sending more money to Jeff Bezos. I cancelled Prime last year and the Kindle was my last link to the Amazon ecosystem. I usually get my books from the library or other online sources but sometimes I’d be out of town craving a certain book and I’d buy it on the Kindle just for ease of use.