Perhaps but if the studio's name still means something you can attract people that want to make a certain kind of game. For IW the name alone makes it a very attractive studio in the industry. Those that work here now are still probably among the best in their category even if they are not the guys who started it. It's probably the same for Rockstar, for Naughty Dog, for a lot of studio.It might as well be. Dev teams are the people that work there. If 70% of the team that made Prey are gone it's a completely different team at this point
The same way the infinity ward of 2007 to 2009 is dead. Yeah the name is the same but so what
If Xbox/Arkane are starting a recruiting campaign saying they want to make the next big immersive sim or whatever, they probably can attract people with the good resume. And it wouldn't matter that it's not Colantonio anymore.