Wouldn't surprise me at all. I'm playing Shady Part of Me now. Their last game.
Its great. Just constant perspective puzzles with one character walking in 3D and your shadow being a 2D platformer on the walls. They clearly understand game design, and thats on their earlier low budget game.
Just 5 seconds into the trailer you can see everything is modeled in cell shaded 3D and is a lot more ambitious than Hollow Knight visually.