Tend to be more formulaic with gameplay, and more experimental with storytelling
I agree with the other parts, but I feel that "more experimental with storytelling" is the exact opposite way round. You will not find a single japanese game that's even half as experimental with storytelling as a run of the mill queer indie game from western indies.
I feel you are overall only correct if you only take AAA devs into account. Once indies on both sides are there... that's not the case anymore. And Japanese indies do a lot with gameplay too - so don't discount them on that either!