If you are unsure of where this game fits in the overall story of the Trails games, try looking at the guide I made surrounding the Legend of Heroes trails games. The trailer itself shows off some of the platforming and gameplay of action RPG which was new for the series at the time. It also shows us a new art style for the characters. They made sure to mention that the current trailer only features Japan footage and not what the localized release will look like.
The Legend of Nayuta: Boundless Trails will release Fall 2023 on PS4, Nintendo Switch and PC.