Whoreizon updated for quite some time until dev disappeared and posted a promotional post for this game. Whoreizon also had a playable demo much like The Last Barbarian. That said, you are right that the game is real and being updated so far.
As for rendering quality - sure there is some baked lighting now, the shaders and textures are noticeably better and the game probably uses Unity's post-processing stack which Whoreizon most likely didn't but all of these things are already built in Unity or available for free in Asset Store or Package Manager. All besides textures that is.
Furthermore, Alice posted some WIPS before disappearing that are noticeably more advanced and quite similar to The Last Barbarian's current shading. Example #1:
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Example #2:
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There's also the issue of walk cycles in Whoreizon and The Last Barbarian being near identical in movement and timing, it's simply applied to a thicker model in The Last Barbarian.