Loki was in a good part of the game being friendly with Odin, he only didn't get lost because of the prophecy of Kratos' death and because both Kratos and Atreus worked it out. Jormungandr is Loki's figurative son, not necessarily biological. Hel in GoW is a hierarchical position, not a person (i.e. that bird is Hel). As for the rest, well, nothing really bad, just a distorted/subjective perception of the duology
Yeah, I get what they were trying to do with the prophecy and it not being real. Kratos not dying was still an obvious retcon due to the change in game director between 2018 and this. Also, Atreus and Kratos absolutely didn't work it out. It was some lame plan by Faye while they floundered. It's stupid how literally everything else in the prophecy came to pass except that, because apparently Faye is more all knowing than people who can nearly perfectly predict the future. Her entire plan to change the prophecy is to destroy some art. Genius writing,
Atreus being friendly in general was the issue. He could have been Atreus as a completely original character, and it would have changed nothing. If you aren't making Loki, don't name him Loki.
Jornungandr isn't in any way Atreu's son in GOW, figuratively or literally. Not mentally or biologically. He was a random giant soul placed in a snake. He had like four 30 second encounters with Loki over both games. That giant had a whole life with the memories and experiences that entails prior. I guarantee you he didn't look at Atreus and think "Father!".
The Hel tidbit is a shitty route for the game to take. She's a Norse mythology character people wanted to see, with extremely significant ties to one of the leads. "Zeus is just a hierarchical position! That's why it's OK to remove him from the pantheon!" Especially since the character still exists in lore as Atreus' daughter with Angrboda. She just isn't born, which is fucking lame. She comes after the Norse pantheon is gone and Ragnorok is past. Truth is they were just hamstrung by the fact that Loki was a kid, so they removed all his children. It would have been better to make Atreus an original character so we could get the actual mythological Loki and Hel, along with the rest of Loki's kids. They would have even made great bosses (vs the 12 berserkers, 6 trolls, 10 water lizards, and whatever other trash bosses we fought; jesus, Kratos killed one god in the ENTIRE game), and Helheim wouldn't have felt so pointless.
I don't see how my take is "distorted" at all. It's based off clear characterizations of mythological characters created more than a millennia ago, and my take on Kratos is in line with the actual creator of the character and series. I'd say your perception is distorted by whoever directed GOWR.
This game missed the spirit of the entire series and replaced it with something that may as well not have been related.