It’s the latter of the two. The focus is on a side character from the original game, but takes place in an entirely different map/kingdom. You don’t need to have played Hollow Knight, but there are little lore pieces that tickle the brain if you have (and didn’t just skip over all the dialogue). I’ve been really enjoying the game so far, and there’s only one runback that’s felt REALLY tedious, but it’s on what I’m assuming is an optional boss based on what I’ve played so far.