Seems like from their comments that they've had a more or less clear idea of where they wanted to go in terms of story for a while now, so it kinda feels like this time maybe both story and gameplay were concieved around the same time.
Even reading the Creative a Champion book, it was SUPER apparent how much lore and backstory they had for this world that they just...couldn't or didn't fit in-game, so now this is their chance to expand on all that.
I just hope they got like, a proper writer. While I liked the more grounded, "human" approach to BoTW, the actual delivery and cutscene direction left a lot to be desired. There was so much "tell" rather than "show, and the dialog often felt stilted and unnatural (beyond VA performance).
I think that they've listened to feedback though - I especially trust the Zelda team to do so - and I hope they take inspiration from how other AAA games push presentation and narrative and challenge themselves in that way.
We KNOW they can make kick-ass game design - let's see if they can make an emotionally resonant story with compelling and nuanced characters.