Euclid is a deep sky survey space telescope. Like many space telescopes, it's designed to run cold (-140C) to extend viewing into infrared bands ground telescopes can't access. It's like a mini-Webb, orbiting next to it out at L2, but with one twenty fifth of the mirror area, and ten thousand pounds less mass. (Of course, it was also $9 billion cheaper...) Being a sky survey instrument, it has a wider field of view than Webb, half a square degree versus 0.0025 sq deg.
It's something of a follow-on to ESA's Gaia astrometry space telescope, which surveyed the entire sky out to visual magnitude 20 and in 320–1000 nm light, while Euclid will specifically examine the 15,000 square degrees of the sky the Milky Way doesn't cover, out to magnitude 24.5 and in 550-2000 nm light. Both dimmer and more redshifted. (Fun trivia: both Gaia and Euclid are made entirely out of silicon carbide, including the optical bench and mirrors, which has become a ESA specialty.)
For another comparison, the first Sloan sky survey (using a 2.5m ground based telescope much bigger than Euclid) took 5 years to image 8,000 square degrees down to magnitude 22.2 and only out to 893 nm. Again, Euclid can see objects dimmer and more redshifted.
Unfortunately for ESA's press office, Euclid will not be producing a lot of pretty photos. It's a comparatively low resolution telescope designed specifically to look outside our galaxy (so no nebula photos) that only has three fairly broadband color filters on just one of the two instruments. (So none of the spectacular detail that some of Webb's narrowband filters can bring out) If it still has propellant after the first 6 year mission finishes then they might turn it around and image the Pillars of Creation but for the near future its fate is to transmit terabytes of photos of dim smudges for astronomers to do statistical analysis on.