As someone who used to be a part of the Minetest scene, it's not even remotely close. While it's low-end requirements are better, it runs remarkably poorly for what it is. It's (default subgame is) a decade behind Minecraft in terms of usability/features. It's barely maintained, especially after one of the big modders and graphics developers died to a heart disease.
And with the mods, it's only "easier" at the very surface level. Unlike the Java-edition of Minecraft, where anything can be changed, you are limited to their modding API in Minetest. And this API is thin.
No dynamic skyboxes, no full entity rotation, no way to handle subgrids. Entities have huge pop in/out issues and forget about anything crazy like having animal heads rotate to face you. No custom keybindings, no overriding mouse controls. Forms have terribly poor ergonomics and it's taken a few years now to have elements displaying at the correct coordinates (for a while, different elements had slightly different interpretations of the grid). Tons of stuff is hard-coded, like how tools work, damage calculations, HUD. And none of this can be added or changed without a fork of the underlying C++ engine codebase.
For the longest time they had no client-side modding and when they added it, they ended up barely having anything in it. So if you want a mod with some kind of vehicle, it is a complete hitchy mess since the client-side's would interpolate wrong and need to be forcefully corrected by the server dozens to hundreds of milliseconds later.
I spent a lot of time making mods for the couple folk I played with. I eventually quit because it was so frustrating trying to work with that engine and constantly jury rig and compromise solutions. Went back to Minecraft for those times I want to play a block game.
I know I'm being a bit brutal, but Minetest doesn't stand a chance when the expectation is set that it is/will be in the same ball park as Minecraft's level of quality or moddability.