I think rather the main difference is that what we call “Calvinism” is really Determinism, in that we have no free will, and our election is thus in a sense unconditional, but also, foreordained by God, and what we call “Arminianism” is Non-Determinist, in that we have free will, so election is deterministic.
But your post hints at another element, the fact that classical Arminians and Calvinists both believe in Total Depravity. if you actually look at the Arminian church in the Netherlands, you will see there is more to Arminianism than is commonly believed or understood. I think it is much better to refer to the non-Calvinist soteriology of the Orthodox, the Seventh Day Adventists, the Evangelicals, the Roman Catholics, the Lutherans, the Moravians, the non-Calvinist Baptists, and most of the Methodists (specifically the soteriology of John Wesley as opposed to some of his Calvinist Methodist counterparts such as George Whitefield and Lady Moody), as simply Free Will Soteriology, or Non-Determinism, and for that matter, to refer to the “Calvinist” Soteriology of Reformed churches, Presbyterians, many Baptist churches, Fundamentalist Christians, some Anglicans, the majority of Congregationalists, and others, as Determinism.
Because, basically, that is what it boils down to. There is much more to Calvinism than the Determinist soteriology, and there is much more to Arminianism than the Non-Determinist soteriology.
For example, in my experience, most Methodists subscribe to Non-Determinist soteriology, but have an interpretation of the Eucharist which aligns with that of John Calvin.
So I really wish we would use the broader terminology of Determinism vs. Non-Determinism in order to avoid snagging ourselves on denominational specifics. Because, for example, in the case of “Calvinist Baptist” churches, and in the theology of prominent Baptist theologians of that orientation, such as Dr. Al Mohler, whom I regard with considerable admiration even though I do not agree with him on every issue of theology, there is actually relatively little in the beliefs and practices of these Baptist churches that is Calvinist per se, other than their shared belief in Determinism. When it comes to their views on sacramental theology, baptism, particularly infant baptism, the Eucharist, liturgics, Mariology, ecclesiology, and many other issues, the theology of John Calvin is vastly different than the theology of Al Mohler.