Yeah, I think the thing to note here is that the core 1v1 fighting game will be intact, just like any modern fighting game.
The single player will be bumped up considerably with a much more modernized single player campaign story mode. It seems like the story mode won;t be that deep or contain a massive open world. It seems to be much more linear with some areas to move around in, NPC's to interact with. Lower tier fights and tournament battles. Probably feature some QTE's. Not sure how character customization would work?
This is Sega's RGG team applying what they have learned from making Yakuza games for the last few decades to Virtua Fighter. But even then, you can still see some of the old Shenmue DNA show up in this game too.
Virtua Fighter from FV1-5 are not exactly known for their in-game story arcs or cutscenes. As those games generally are pretty bare bones when it came to any sort of story telling. In most cases the character stories were limited to the manuals. Sega is finally bringing their primer fighting game franchise into the modern era. As Mortal Kombat 2009 really set the tone single player story campaigns in fighting games.