400h+ on multiple playtrough:)...I'd say absolutely YES. It is the intended mode!
More enemies and items around, all enemies variants from base(rare, every mob is 1 level stronger) to gold, little floating "camps" with enemies and treasures in the sky also enemies regenerate health after some time...
This means the traversing and also the gliding(thanks to flying enemies) is more engaging, interesting and more dangerous from at the start, it change the way you approach combat using all your resources, you have to fight smarter, use your food or gear buffs and the environment and physic. The regenerating health prevent some form of cheese(like 10 minutes of bombs:)) and emphasize the combat...
The start of the game is pretty much a survival game:), you have to be stealthy with some enemies(in Master mode the great plateau has an OP boss:)), learn to optimize your tactics, planning and combat skills(dodging, parrying, best attack or weapon for every enemy, throwing when weapons are broken for x2 damage, headshots, horse fighting, backstabs, slow mode, using sounds or food to lure or distract enemies, disarm and give them "bad weapons" like the korok leaf and let them throw themselves down a cliff for big damage:)) or flee.
The stronger enemies and the floating chest can drop better starting weapons so you have a nice incentive to explore and kill(also the materials for upgrading the gears dropped by the enemies are very important to not be one-shotted).
It's harder but more rewarding and make every mechanic of the game more essential...But i'm a fan of challenging gameplay, you have to be creative and plan your actions and i personally find it more engaging.
The end when you are basically unstoppable(not only because of some powerful gears and stats, but because you mastered your skills) is very satisfying.
If i may suggest the first objective after the great plateau: Masks, phantom armor and a horse with good stats:).
EDIT: And yes, as other have said, no HUD:).
