The issue isn’t the exact caliber of students - engineering students will be strong at both schools, and UMN Engineering students will have stronger stats (but UMass engineering and CS students as well especially as VTech students are well above the “typical” students, and UMass or Vtech Honors students have nothing to be ashamed of).
However, the impact that Honors college has is in the learning comfort and opportunities: developing a relationship with professors and having a shot at getting a mentor, having first dibs at research opportunities, priority registration, special dorm, interactive classes rather than straight lecture in a big lecture hall, trips (often paid for), special leadership/ volunteering opportunities, special networking opportunities, etc.