I'll add third option, because I think both Camavinga and Tchouameni navigate in some middle ground regarding the comparisons mentioned above.
For me in many ways both physically and in many of their traits they are closer to the mold of player that Redondo was for Madrid, and when I say "Mold" I mean having the build and some traits to try to be such player, not actually being.
They are dinamic, they have power, strength, can be all over the pitch, with some dribbling in them and ball control. Not particulary "launchers" of the ball, thought they can, not particulary destroyers, thought they have to have a defensive approach in them. Of course the level of dribbling, ball control from Redondo was sthg special and I do not think neither had that at that level (not even Jude being an offensive player has it).
Yet both of them have the traits (in their own level) and physique to be closer to what a Redondo provided in the past, than being a little polivalent Modric with an edge to produce numbres (Redondo rarely had, or even wanted to have), or been more incline to pass it constantly like Kross (all around passer) or a Xabi Alonso (also all around passer, yet more of a launcher).
The thing it's that both does not have the brain, the ball retaining, the tempo managing, the order and intelligence to become some sort of all over the place big fella metronome for Madrid like Redondo was, even if their build and traits are more or less there to do it (more with Camavinga). They do not even have the mean edge, the shithosuery disguise as a ballerina with Fernando's Amelie haircut. When they are rough, comitt, they tend to be expose and not particullary smart to do the dark arts required for such polivalent role.
Also they are more expose in what they lack to be that kind of player, when the other two consolidated youngsters from that mid, are so box to box players, with great confidence, perfomances, skills but neither wanting nor entirely knowing how to pull out a Mordic, Kross or Redondo (less a Zidane) role leaving many tasks from that "role" to the two Frenchies to somehow provide.
At the same time would be stupid to ask those tasks from Fede and Jude, when they are so great in what they do and are. This leaves Madrid match after match yearning for a Modric, Kross, Alonso and in my view the more closer to what they potentially could have been, a Redondo.
Both are still very young, specially Cama, but the time in Madrid runs faster and when you don't find your niche, your role, sooner or later you'll find the exit door. I remember when Cambiasso was in his case literally expected to be Redondo and as brilliant as he end being, he lacked many physical atributes and traits to be that and time ran out for him pretty fast, even if him later had a great carreer prooving his worth.
These two dunno what they feel it's their best role, or style to play, but certainly ain't being a CB, a fullback or instantly becoming and doing the sort of stuff some former householdnames from Real in the past did (Modric, Kross, Xabi, in fact not even also a Case, who was a great fecking allrounder with mainly a destroyer task; nor a Redondo alike player so far).