Density perturbations related to structure formations are expected to be different in dissipative and non-dissipative universes, even if the background evolution of the two universes is the same. To clarify the difference between the two universes, first-order density perturbations are studied, using two types of holographic cosmological models. The first type is a "Λ(t) model" similar to a time-varying Λ(t) cosmology for the non-dissipative universe. The second type is a "BV model" similar to a bulk viscous cosmology for the dissipative universe. To systematically examine the two different universes, a power-law term proportional to H α is applied to the Λ(t) and BV (bulk-viscouscosmology-like) models, assuming a flat Friedmann-Robertson-Walker model for the late universe.Here, H is the Hubble parameter and α is a free parameter whose value is a real number. The Λ(t)-H α and BV-H α models are used to examine first-order density perturbations for matter, in which the background evolution of the two models is equivalent. In addition, thermodynamic constraints on the two models are discussed, with a focus on the maximization of entropy on the horizon of the universe, extending previous analyses [Phys. Rev. D 100, 123545 (2019); 102, 63512 (2020)]. Consequently, the Λ(t)-H α model for small |α| values is found to be consistent with observations and satisfies the thermodynamic constraints, compared with the BV-H α model. The results show that the non-dissipative universe described by the Λ(t)-H α model similar to lambda cold dark matter models is likely favored.