I tried creating a Terraria-like platformer in Godot 4.1. It turned out to be harder than I thought, and I abandoned it. I would recommend using a game library rather than a game engine like Godot for something as complex as Terraria, you will need the flexibility.
My main issues were:
- a weird 2D physics bug (godotengine/godot#77571)
- water physics in Godot not straightforward
- tilemap lighting in Godot not straightforward
Developing in Godot 3 was more stable, and I managed to get simple world generation and breaking blocks, but then needed to switch to Godot 4 because of a better Tilemap and more noise functionalities.
Additionally, it seems that recreating Terraria without making a mess is pretty difficult.