I don't know if this is the sequel or not from what I saw of some earlier gameplay videos of the game in action. It seems that the game still looks like Senko No Ronde Duo from the look of the assets although the voice acting, HUD and Character Select screen are changed which are quite new as needed for the Playstation 4 and Steam releases. However, it doesn't seem to be the same for the in-game graphics like they're one era behind or something. Like what game is this, the remastered version of Senko No Ronde Duo? There must be new graphical assets or something along with new gameplay features.
The first Senko No Ronde already had mixed opinions from the critics due to how complex the gameplay is and especially for the amount of content the game may have and I don't know if this upcoming reboot of Senko No Ronde Duo will do things better for the global release.