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The environments aren't particularly interesting. I think whatever the floor equivalent of a skybox is would help.

It was particularly noticeable when it got dark.

Also, it might just be me, or the demo, but I seemed to get stuck here. When I was meant to equip the ribbon. I clicked on the blank area "Equip Item" was pointing to but it did nothing.

Crashing in flight mode kills you instantly, but it seems that landing on your head after doing a backflip in hover mode doesn't do any damage.

(I haven't played sekiro, I did not beat the boss)
If you hit and stagger holy knight louise while she's trying to pray she just keep trying and trying (assuming you keep interrupting her) until she gets dazed (the X prompt). I don't know if that's intentional or not
And I don't think the Demo Day thumbnail/ cover art is very good (for conveying what your game is about), you should have the MC in combat in some way to reflect what the game is.

(I did not play the tutorial)
The menu updates really slowly (when going into and out of settings)
The text (names, and post battle banter) is still hard to read (is the second player meant to be Cleo or Koreyoho in Katakana)?
Its probably worthwhile letting the PC move during the bowing at the start of a round so you can mess with the controls. Since they are hard.
I think I'd like it if you stood up faster after being knocked down.
A two player option might also work well even if its not the default, to give you an option of something easier to start with.

I felt the damage feedback (when I was damaged) was too intense. I was getting 2 points of damage done but it felt like 10+
Is the sounds that enemies make on death vs on them being damaged from the same pool? They sounded interchangeable to me, which made it harder to tell when I should stop shooting.
I did Nightclub, and it felt like the rooms and corridors were too big.
As a bug (I assume) I had to keep crouching again and again in the vents even after getting in

I don't mesh with the controls or the UI (the damage and heal numbers in particular), but I don't like MMOs so that's probably why.

I feel like there wasn't enough actual combat. I wanted to fight more things but the level ups (which I started ignoring), and the chests and resurrections were getting in the way. This was the tutorial level. I did play a little of the second (with a druid), but didn't go far enough to comment on, other than a new set of spells with blurbs was too much for me. 

I think it could be harder too

I've already mentioned some things, but I think a minimap would be good. The arrow is fine for identifying where you are, but knowing where the villagers are, and maybe having an idea of where resources are grouped may help ground things.

I wasn't able to figure out how to heal my team between dungeon romps. And I think it could use popups or some variety of feedback when something failed ("Not enough money" when you try to hire someone without the funds).

Instead of having the party pace up and down, there would be less waiting if they walked directly to the next enemy (even if they still find the next enemy based on checking in that order). But I'm not familiar with auto battlers.

There were some typos
"Heroes" 
"Hire" 
"Enemies"

I think it could be have more enemies / be harder (bosses were fine, I mean standard enemies)
I'd like to vote against numbers for damage feedback. Although numbers for boss health might be fine
You've mentioned there will be a lot put into the bestiaries, but I think this game also has a lot of room for environmental storytelling, if you haven't considered that.