Matter over Thread is similar to Z-Wave at the user level and supports a lot more device types. The below is from Silicon Labs

• Application layer: Matter is an IP-based application layer protocol that can uses lower layers from other technologies such as Wi-Fi, Ethernet, or Thread. Z-Wave is complete protocol covering physical layer to application layer Its a non-IP MESH protocol that uses sub-GHz ISM bands.

• Device types: Matter supports a broader range of device types than Z-Wave, including cameras, speakers, TVs, and more. Z-Wave focuses on low bandwidth devices that require low power and reliable communication, such as security systems, sensors, switches, and locks.

• Security: Matter provides end-to-end encryption, device certification, and cloud integration, which can enhance the security and privacy of smart home devices. Z-Wave also offers encryption and device authentication, but it does not have a built-in cloud service.

• Compatibility: Matter is compatible with popular voice assistants and other IP-based devices, which can make it easier to integrate with existing smart home ecosystems. Z-Wave requires a Z-Wave specific gateway or hub, but has a large number of compatible devices that work together.