I think it's actually an improvement over the facial animations from the 2021 footage, where there seemed to be a lack of crispness and detail in the faces, and some of the skin textures looked "waxy" (that's aside from the fact the characters could've been sweating or it was a moist environment with high dewpoint...because their skin didn't reflect that IMHO).
That said, I didn't see anything that was much of a step above HFW:
I'd say maybe there's a bit more detail in the skin textures for the Hellblade II footage, but in terms of actual animations I think HFW is still better in the faces. There are parts in the HBII footage when Senua is talking where it looks like her face is over-emoting and it creates a slight uncanny valley effect. Particularly near the end, right around when she stops talking, is where it seems most pronounced.
The opening part of the HBII trailer, before it transitions to the dark background and before Senua starts talking, actually impressed me a good bit more. If they can just work on some of the facial muscle and lip sync transitions when she talks, and get more minute facial muscle animations in whatever mo-cap tech they're using, it'd clean up a lot of the issues IMO. And would help bring the final game even closer to the reveal trailer's visuals, which still have the best facial animations by far.
So, I can see a possibility where HBII has somewhat better facial animations than HFW (which is a high bar to hit, though Burning Shores will probably outdo HFW in that area as well), but I still expect HFW to retain the graphical edge in most technical areas, specifically with things like geometric density. Part of that is just down to stylistic differences so it's not exactly a fair comparison. That said artistically speaking it's not possible to say which of the two will look better because they are both going for very different moods visually. It comes down to preference at that point.
Now when the hell is this game actually coming out?