What makes a horror game fun instead of frustrating?

I’ve been getting more interested in horror games lately, especially titles that combine exploration, puzzles, and a good storyline. Poppy Playtime is a good example of how an eerie atmosphere and mystery can keep you interested without relying only on jump scares.

I’ve been exploring more Poppy Playtime-related content and resources at https://poppyplaytimeapk.mx/, and it got me wondering: what do you think makes a horror game genuinely enjoyable? Is it the story, puzzles, atmosphere, characters, or the challenge?