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The main difference I find is VShojo is more like watching a streamer where as Hololive is more like watching an idol.
VShojo girls interact with their audience way more, streams tend to be less formulaic, and they can collab with anyone they want. Seriously, I challenge anyone to find me a Hololive collab better than Mousey x Conner.
Hololive interact with chat less, have to get approval from Cover to collab with anyone outside of Hololive, and every stream feels very planned.
I can see the appeal of Hololive if you're really into idol culture or just have straight up fantasies of your waifu being perfect and untainted by the real world, but that's just not for me.