This is a remake of the Saturn/PSX original, and it's one of the weirdest remakes I've seen be done.

Gameplay is switched from 1st to 3rd person, areas are expanded and take way longer to go through, and fighting enemies with the bad attack animations is ugly, boring, and frustrating. Just about everything here is worse.
On top of that, the ambient noise soundtrack is replaced with mindnumbing techno loops that I had to mute after the second run.

But let's talk about the elephant in the room. The style change.
It goes for a different aesthetic, from "weird anime" to "generic anime".
Imagine waking up to find all Giger paintings look like Disney princesses.

Does it "miss the point"? Yeah, it's no longer scary.
Is it "completely different"? Kind of.
Does it "ruin the story?" No, because it's the same. It just has anime-er people tell it.

Changing "text on a black screen" to a proper cutscene just shows how bad it was in the first place, although the clunky animation certainly doesn't help.

The mystique from a lot of moments is removed, and the story is exposed as what it really is: a boring, messy, but slightly interesting ordeal.

The vibes are gone, the atmosphere is gone, and the fun-ish gameplay loop is gone, and those were the only redeeming things about the original.
So what's left?

Nothing but the story, being told properly.

And it still sucks.