I'm not sure what we're arguing about, this is the same thing but in Unreal Engine 4 with lots of post processing filters as stated before (not that I necessary want to trivialize it, I'm well aware these are not on/off toggles and does take some efforts).
Whether you like the art direction or not is not really the point (it definitely looks like a good move for the western markets though) but a couple cinematics and a battle system looking like the previous entry doesn't say anything about a supposed "increased budget", in fact if you look behind the visuals there's nothing indicating much of an increase in term of scope yet.
Fisico none of their games are actually high end but they want to pretend they are, so keeping up the appearance of being on the cutting edge by jumping on next gen early will be an important move.
I mean it's fair to think that but there's no historical precedence looking at the series, the publisher or at past gens overall in Japan, you could argue that shared architecture for hardware makes it easier to achieve, but we have yet to see anything concrete on that front.
Not to mention that if they want to pretend their offerings are high end they have better products to choose as late ports
Bandai Namco titles for PS4 First year in Japan with numbers from MC CY 2015
Dragon Ball Xenoverse 2 {2015.02.05} - 34.690 / 84.261 - Simutaneous PS3/PS4 release
God Eater 2 : Rage Burst (2015.02.19} - 37.824 / 60.484 - Simultaneous PSV/PS4 release
One Piece 3 : Pirate Warriors 3 {2015.03.26} - 46.693 / 80.266 - Simultaneous PSV/PS3/PS4 release
Godzilla {2015.07.16} - 7.729 / 13.012 - Late PS3 port
Saint Seiya: Soldiers' Soul {2015.09.25} - 6.938 / 13.058 Simultaneous PS3/PS4 release
Sword Art: Game Director's Edition {2015.11.19} - 18.342 / 29.816 - Late PSV port
JoJo's Bizarre Adventure: Eyes of Heaven {2015.12.17} - 23.534 / 32.346 - Simultaneous PS3/PS4 release
Notice any pattern ?
Yep, just like 0 internally UE4 developed game made it on Switch from Bamco so far, 0 internaly developed game by Bamco were released during PS4 first year, the first Bandai Namco developed game to be released on PS4 was Super Robot Taisen OG Moon Dwellers in June 2016, as a PS3/PS4 multiplat and only from there others titles followed including... Tales of Berseria (still PS3/PS4) a couple months later.
Tales of Arise ? If it's not simultaneous they won't bother, they'd rather pay external developers to test the market on others IP first and see what to do from there.
If I were a betting man I'd say history often repeats itself, One Piece Pirate Warriors 4 is a good candidate for a late port release, same for the next Sword Art Online, a Code Vein extended rerelease on PS4/PS5 would make sense and a couple others manga IP through late ports or multiplat will most likely happen.
Meanwhile in late 2022 I can see an iterative sequel of Arise release on PS4/PS5 (the same way they did, Xillia -> Xillia 2, Zestiria -> Berseria, one full new game and one sequel working on improving the previous entry) especially with the wide gap between Berseria and Arise releases.