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Will I be missing something if I upgade from 2.0.0.3 (dated 2018) to latest 3.3.0_59987 of Broken Sword 2 Director's Cut?

The installed size of newer 3.3.0 is shy of 8GB while the older one was 13GB. They both say "Broken Sword The Smoking Mirror Remastered" in the main title, although slightly different UI.

I hope it's only because they produced optimized code with reduced clutter. BTW, this is for Linux.
This question / problem has been solved by iacobus_magnusimage
It was announced on Steam that the latest upgrade, among other things, reduced the game size in 40%, which matches your experience. I cannot post the link, but you can find the full announcement and a breakdown of the changes (it's interesting!) it in the game page on Steam.

I missed its announcement here or in the changelogs, but I guess they brought the same update to GOG, too. Happy to know that, I was looking forward to the widescreen upgrade!