It has the barebone basics of a hack and slash. The combat is still being worked on but I don't think it will ever touch Dark Souls in terms of depth.
There are not a lot of melee movesets to choose from and those moves are simply a basic combo and an alternate attack. Much of the one handed weapons (mace, sword, axe) share the same combo leaving little to differentiate how they can be used in combat.

Many of the enemies are quite clumsy at navigating the procedurally generated environments and while some of them do hit hard, it is pretty easy to not get hit. The window for parries and rolls are much more lenient. Most enemies give away their attack well before it is going to connect. It only gets dangerous if you go underequipped.

Valheim has a different focus. It is much more casual and not really fun for the same reasons Dark Souls is. I picked both of them up again recently.