There are things about it that are like Factorio, but also some philosophical differences.

Most obvious difference is that it’s 3D and “pretty”, whereas Factorio is 2D and brown. Which is fine! But this game gives you opportunities to stand on a cliff and look out over some plains and visit some non-hostile animals. You can also build upwards to create tall stacked factories.

On the flip side, what that first person perspective costs is that it’s a lot harder to manage things as a guy running around inside and amongst the buildings compared to a zoomed out, top down, view. So the scale is never the same simply because it’s unmanageable.

Also, unlike Factorio, there’s a pretty sharp divide between the things you can assemble and the things you make in hand. Like, IIRC you never end up with factories that build buildings in Satisfactory. You have drills that collect resources, and factories that turn those resources into components, but all of the construction you do yourself. At least that’s my recollection.