No, not really. The story is paper thin (i finished the game like yesterday) and just boils down to Yuni and Neige having to do the arena fights because they ended up penniless once again after Yuni pretty much ate all the luxurious food she could take and Neige gambled away the rest of the reward money they got at the end of the first game and that's it. The rest of the dialogues are totally irrelevant and you can just skip a lot of them even though there are a few really funny moments (the underwear thief quest ending is just pure comedy gold), but the rest of it is mostly slice of life bullshit that nobody should even care for (Yuni still has about as much of a personality as your average floorboard and Neige is still the same old stupid comic relief).
The main problem that Selobus Arena has is the fact that Yuni still has disproportionately less H content than Neige along with the fact that 90% H scenes for Yuni are game over scenes that just take you back to the title screen afterwards. In comparison Neige basically gets all the fun and enjoys all the banging to boot with exactly zero consequences (when Neige gets stuffed full of cum in the dungeon she just brushes herself up and moves on, while Yuni just gets a game over). Heck she even gets kidnapped by the big bad at one point and just gets banged really hard (and enjoys the hell out of it) only to get out of it easily while Yuni gets to... enjoy trudging trough a mansion full of people trying to kill her so yeah i call bullshit.
Hell even the side characters get more consensual action than Yuni does and that says a lot... There are some in-dungeon prostitution scenes much later on, but those are heavily RNG dependent and have a few other requirements so i don't count those at all, plus you don't get any vaginal sex until after the game is almost over.
The arena fights are neither interesting nor balanced with the first guy being the biggest offender in that regard. He can either one shot you in the first round no matter how overleveled you are, or he can just... stand there doing nothing letting you kill him just because i guess. The rest of the arena opponents won't be able to put even a dent on you in comparison. The toughest fights are actually the dungeon optional bosses that are equally out of whack in terms of balance as the first arena opponent i mentioned above, and require you to be 20 levels over them to be able to take even one hit from them so yeah the dev seriously has no idea what he's doing.
So in conclusion it's much worse than the first game, so take that as you will.
