The combat is more nuanced now atleast. I like that they tried to make it less bland, but the current state is terrible.
- They need to make it more forgiving to stamina, so you can't spam moves forever but can hit enemies more than twice before depleating it.
- Giving Invencibility frames to enemies is terrible, specially when they can also use it to grab you. They should be knocked back and stunned while invencible if you care/don't want players to abuse stunlocking them, so players dont end up on top of them tiog et grabbed grab, unless they try to.
The combo stacking and threat level are cool tools to develop the game further (adding special moves or enemies respectively), but that looks like a longshot in the current state of development.
All of this would be a good sign because shows ambition to develop a cool game. Adding cool ideas even if unpolished, would result in more good stuff when they end up being polished. The problem is that looks like it will never reach that state.