This one isn't, if a new one is that's something different. The claimed engine is Unity, which is going to mean it'll look and play a lot different. Since it's now going to be rasterized it's going to also look worse I mean, and unity engine that has it's own issues with "feel" when it comes to 2D at least.
It won't be a new one unless he calls it Teraurge:Remake or something, which he won't do, since it's not a complete game experience, but a stage in a development and the content which was before, will stay mostly the same. I am speculating here, since I don't know if all of it will be true, but so do you. We will probably have a new thread because of the rules, yes, but it is still be the same project, unlike Crowjob in Space, which rebooted around five or six times and every time from a scratch.
You are misleading people, they ask if the game is abandoned, implying it's "dead", no longer being developed, and you answer them with a simple: "yes" and they stop reading what other people said, for example, the guy who shares info behind still going development process. You don't make it sound like that is your opinion, you are stating a fact, which is a false one. We have a proof it's not abandoned, some activity from a creator, why to tell people it's still "dead" without explaining that is not so simple with this project? They will return in a month or so and will start to whine about a dead unique game or talk about "how shitty creator is and why he is still collecting his unjust money from patreon?"
And where did you find good looking scenes in Teraurge? Backgrounds and character models were alright, but almost all scenes with characters were just sketches, which looked more like Rorschach test. I doubt changing engine will drastically change graphics, considering art was lacking completion from the start.