Both are enclosed CoreXY printers, which is why this comparison comes up so often now: since Bambu's open-ended discounts, the P1S at $399 is the cheapest enclosed Bambu and the H2S at $1,199 the entry to the H series, so the gap is exactly $800. The P1S covers PLA, PETG, ABS and ASA in a 256 mm cube at hobby volumes. The H2S is a different class of machine: 76% more build volume, 1,000 mm/s motion system, a 350C hotend, and an actively heated chamber that holds 65C instead of drifting around 45C.
The practical question is materials and size. If your parts fit in 256 mm and are mostly PLA/PETG with occasional ABS, the H2S buys you little. If you print PA, PC, or filled engineering filaments regularly, want big single-piece prints, or care about the 10W laser option, the H2S is the cheapest Bambu that does all of that properly.