It includes everything except the "Bonding Time" early-access demo. The story portion "ends" after the big scene at the end of the hideout, but you can still backtrack and re-visit any missing side events.
It also has all the content from the pre-alpha demo; the above save file is provided for people who want to skip that part of the game and go straight to the new parts of the demo.
Viewing post in The Legacy of Hedonia: Forbidden Paradise (alpha demo) comments
Did you explore all areas? In this demo, you acquire the 'Blue Orb', which allows you to use the blue elevators. The blue elevator in the northwest of the deep forest should be usable this way, leading you back to a previously inaccessible section of the first stratum. There you'll find an elevator to Secunda's workshop.