Oh boy, here we go again.
Most people haven't been able to answer this question objectively since the game released, they toss around their opinions on which kind of content they prefer and then act as if that's something that truly defines what game has more or less content. The game already had a similar amount of content (probably a bit more tbh) before the 2.0 update, and now New Horizons has the 2.0 and a paid DLC to boost even further the content of the game.
For some, it doesn't matter what content is on New Horizons, people will keep posting a laundry list of features "missing" from past games, using numbers when they are convenient and disregarding them when they don't favor NL, etc. An easy example is how many times we've heard about the loss of tropical fruits when crops serve a similar function with even more added features and differences to them- people will go "NL has more fruits" which is indeed true, but will fail to list "NH has more crops" which brings raw numbers even. People still going about April Fool's event as sure-fire gotcha of NH missing content conveniently not listing International Museum Day, May Day and Wedding Season. The horror of Nook's Cranny having less upgrades but also not acknowledging how all other buildings have more upgrades.
This is the same for the amount of furniture, wallpapers, clothing, hairstyles, even the darn hair colors, etc. By pure numbers, NH objectively has more overall (it failed to reach NL furniture numbers by a negligible amount) but some people will still find a way to say NH lacks something because their favorite set is not on the game, their favorite furniture was reworked, their favorite clothing is missing, etc. And it's cool they prefer some things, we all have our own taste, but at the same time, that doesn't mean NH has less content- that is simply not true. Like, I get it, some people totally hate every new thing NH brought to the table and loved every thing NL offers. That's cool. That doesn't make NH an "incomplete", "barebones" or whatever edgy clickbaity word people have used since last year to refer to the game.
People adore making lists of things missing but they never make lists of all things added/improved and that won't change anytime soon- not even if Dark Nintendo announces a surprise expansion with all the things "missing from New Leaf"; people will move on to complain about missing features from WW or CF or GC and also add "this should have been since the beginning/this isn't really new" or whatever.
On the previous edition of the monthly thread of "New Leaf is better than New Horizons/New Horizons is missing so much", I said:
Numbers-wise, NH was only trailing behind NL on the unique furniture category, fruits, possible neighbors villagers, special NPC and understandably, a category like gyroids. It may also be possibly behind on total number of building upgrades/character unlocks and home upgrades/customization options.
The update rolled out and well, NH surpassed NL on almost everything lol It's still behind on home upgrades (the 3 storages weren't enough), unique furniture, fruits (thanks to crops taking that slot) and gyroids (thanks to the rework and I think, not sure only if you're comparing against the same gyroid just taller/high pitched/etc.). And this is without all the things that HHP brings to the table- such as progression unlocks, dialogue, interactions, etc.
tl;dr: I just think that at this point it's just objectively false to say New Leaf has more content than New Horizons. It may have content people personally prefer, but that doesn't mean it has more.