I know both are made by Runic Games. But does Hob have any randomization?

It's a completely different type of game. While it has a fair bit of combat it's more about exploring and solving environmental puzzles. Also, the world is fixed.

Is the gameplay more similar to Ico? Does it allow the user to save at any time?

Never played ICO, but from the gameplay I've seen over the years I'd say Hob is generally easier to play? *shrug* As for saving, it's not manual instead there are fixed save points that one can go back to throughout the world. That said, saving never really felt like an issue in the game. It's also not a terribly long game. It took me just shy of 10 hours with most things completed.

Thanks for the info!