Okay, so having let it marinate in my mind for a while, I'll say now that the most disappointing thing about this trailer is what it did with Zelda herself. At the same time, I completely expected that (and I was warning others to expect that, too), and I'm at least glad that Nintendo got it out of the way that we won't be playing as her in BotW 2 (and I suspect they cut the trailer this way for the specific purpose of getting that out of the way). And I do think there is still a possibility that Zelda will have at least some kind of role in the game. I'm basing this off the Skyward Sword E3 2011 trailer, which featured the clip of Zelda getting swallowed by the Imprisoned. That scene does happen in the game, but the way the trailer showed it was misleading. I'm hoping that something like that is happening here, and Zelda getting sucked into the void is ultimately misleading us to think she'll spend the whole game damsel'd when she actually doesn't. She won't be playable and no one should be expecting that, but I'd say there's still a 50% chance she'll get to do... something, at least.
I've leaving it at 50% because I just don't know how to read Nintendo on this. Nintendo seems to have at least a general awareness that fans like Zelda as a character and want to see more of her, as evidenced by the spin-offs such as Smash Bros., Hyrule Warriors, and Cadence of Hyrule. Heck, right before this trailer debuted, they showed her revving up on the Master Cycle in the AoC DLC. Someone at Nintendo does seem to be aware of fans' desire to see more of her. At the same time, the actual LoZ team seems to be consider it to be an essential part of the LoZ experience for her to be gone for practically the whole game. Forget about having her be playable; I'm talking about just having her around, period, as an NPC that we can talk to and interact with. Nintendo seems to believe that Zelda must be kept away from the player as much as possible for it to be a "true" LoZ game. So I really don't know what to expect.
The mummy guy intrigues me, especially with the possibility that it's not straight-up Ganondorf and may be connected with the hero from 10,000 years ago. I honestly don't believe Nintendo will do anything like that, because it speaks to a level of emphasis on the storytelling that I don't see Nintendo ever committing to, especially with the possibility that it had been planned this way from the start due to the red hair on the hero in the tapestry. But if they are doing something like that, it'd be really wild. And it would be a pretty solid reassurance that Zelda's role is going to be more in-depth than simply getting stuck in a hole the whole damn game. But this is definitely getting into "I'll believe it when I see it" territory.
The other thing is that they showed this game waaaaay too early. If you combine the 2019 footage with this footage and then make that combined trailer our first look at the game (whether this year or last year, in a non-COVID world), I think it would have been a lot better. They simply showed the game too soon. This also had the negative consequence of setting people's expectations for a relatively quick turnaround, which obviously is not and will not be the case.
That's basically it from me.