To me it does not seem very similar to a 3D platformer, but more akin to the GBA top down Zelda games. The addition of what looks like a standard jump is pretty reminiscent of the jump mechanic item you can unlock in those games, keeping the platforming pretty basic. The copy/paste ability they are showing off with the wand looks really intriguing, but from what I can tell that seems to be the only big departure from something like Link’s Awakening. Still looks interesting to me, and cool to see the ability to play as Zelda!
I have a Google Pixel 5 and it’s in a great location for me. It’s right where my thumb generally rests.