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I'd say this depends a bit more in which game you like more. Charlemagne gives you some interesting early-start options for CK2, while El Dorado is a great expansion for EU4 for MP, explorers, and if you want to play central and south american nations. If you wanted to play a SP EU4 game with Poland, for example, El Dorado probably wouldn't change it up too much, but if you wanted to make your own custom nations and play, it'd have long legs indeed.
Charlemagne is not only about Charlrmagne himself. It bring Vicerolty and custom kingdoms/empires to the game.
I finally build my own Imperium Romanum from duke of Tuscany.
CM bring custom kingdoms/empires, but isn't one like ED does. It's an ingame mechanic, which allow you to upgrade your tittle, from duke to king, then to emperor.
It covers a lot of eurasia, without really doing any of the places its covering well - even after a DLc to flesh out dem christians christians are still horribly bland, which is still better than 90% of the other ones
also Hyper-stable empires everywhere + the inability for it to even correctly model the games own name.
And I don't want to whine but the QA for CKII and EUIV aren't on the same level.
Apart from some mistakes for ED, EUIV brought a patch with all functionalities working while we needed one month for CHarlemagne to be able to play a decent game
But on the gameplay, I'd say El Dorado. Colonisation is much better and at last you have inflation problems if you go the Americas. (but brings you horde of golds on the other side )