At first blush, the art style looks somewhat similar to BOTW-- not identical, but similar enough for me to guess that its running on the same engine as BOTW.
With that said, one of the few nitpicks I had with Chronicles X was that its systems were too various and too complicated, and not in a particularly transparent or intuitive way. In terms of complexity, I think the first Xenoblade was my limit for JRPG systems, and the whole color of arts/topple/etc. thing made much more sense than the expanded version in Chronicles X.
I also hope that they tone down items you find in the overworld, and make the crafting much more understandable. In BOTW, most of the crafting/cooking made actual sense, and it was far better to actual see a cricket or a radish flower and then to grab it. No more of these random blue dots in the landscape.