Have you had both? If you have and you still think so, you missed the entire experience with the Note 7. I have had both and no, they do not have the same engine and they are not the same minus the S pen. The reason the Note is called a Note, is because of the S pen. So to say that's the only major difference, is not only obvious, but kind of ridiculous to act like it's no big deal. The S7 edge has an entirely different form, weaker features on the AOD, zero note taking software or hardware, the headphone jack at the top is a small thing, but I didn't realize how nice it was to have it on the bottom until I had my Note 7, the home button on my S7 edge only worked if I used a compass and a square to determine the dead center and then pressed perfectly on that dead center. Otherwise, I'd have to press the stupid button two or three times to get it to register.
The screen is smaller, and half of the edge panels that I liked to use, were not as useful on the S7 edge as the Note 7. For instance, the calendar one on the S7 edge only shows that day's events. On the Note 7, it shows the days events as well as a little month view off to the side. They are not the same. I know most of what I mentioned is small differences, but those small differences add up and completely change the overall experience.