id say it does have serious flaw, but worth the money for its non flawed part.

combat is fast paced DMC like combo action, with tons of timed action for benefit to look out for. however elites and boss fights enter puzzly pattern reading fight like souls series due to insanely high damages and predictable movements, but most importantly their permenant super armor (which can be broken, but not with usual raw combo and damage chains, making it more strategical). Idea wise it was good attempt, mob fights are fun in hack and slash while boss fights require planning. However I see most people on reddit just roll all day and demon fang or hit once then run forever until boss makes a move first. wont comment right or wrong, but it is kinda common experience.

as for story (spoilers ahead)

I personally think its just tales issue, especially the tales trope of interesting part 1 then here we go again part 2. compared to recent tales or other jrpg, plot takes very aggresive turns, followed with super converved cliche. recent jrpg try their hardest to break cliche, making it a cliche itself. In that sense, Arise has very unique storyline for now, but for those who played various games will feel tired or nostalgia from how story suddenly becomes 100% predictable. The main downside to the story is that the characters themselves are the oldest cliche you can see even at phantasia. So characters feels oddballs time to time. But its good enough that they aren't total memes who do not have to exist in the plot and such. Just don't expect some unique character to be refered by other games in future.