I heard that Red will be much more stealth-oriented than the previous RPG titles. Supposedly you can snuff torches to create shadows where you can hide and hiding in bushes and tall grass is also upgraded in some way.
Meanwhile, combat in Red is said to be more brutal than ever. You can decapitate enemies or severe their limbs like in Valhalla but the devs have made it even more gory this time.
Red will apparently have less mythology in it, but some elements related to Japanese mythology and folklore are still present. A recent leak said the game will include Yokai. They are kind of malevolent shape-shifting spirits or demons. Most likely the Yokai will connect into the Isu storyline somehow.
As for the present day element, it is tied to the Infinity platform and is mostly optional. The present day story is said to take place in the future this time, between 2090-2099. While Hexe will supposedly take this even further by going hundreds of years into the future.