Similar level to the first movie...
Did a double bill last night, watched both back to back.
The first is shorter, has more humor and more jumpscares. The Nun (Valak) has more screentime too. The more entertaining of the two.
The second spends more time trying to bolster characterizations, it's a more serious and wholesome effort and it does contain bolder imagery. It packs in less scares per minute but it's standout set pieces are arguably superior to any in the first.
I can see why the general consensus is that part II is an improvement. I mean less humor, less jumpscares and a bit more of an attempt at character development? A winning formula for most but honestly it works out at parity for me.
This is now the ninth Conjuring franchise effort and you really should know what to expect by now. This is the Marvel Cinematic Universe of horror, a highly commercialized franchise that has a winning formula for it's devouted theatre attendees. If you're not a Conjuring fan by now, you likely never will be, don't expect any movie to reinvent the wheel. Also without Wan's direction I doubt any of these later entries will live up to the fuzzy memories of The Conjuring and The Conjuring 2.