The problem with the pixel art fashion is that if the graphics do not have a powerful art direction, or something new to offer, they look so generic and boring that kill the novelty or the "art" in the pixel aesthetic.
I have the feeling that the game is not only a HOMM clone but their graphics are cloned as well from dozens of other indie games.
It looks like an RPG Maker game, while the special effects would be cool and innovative for an RPGmaker game, it doesn't look as cool for a custom pixel art game engine... hell, you can't even use the resources for your own creations if its the former!
But yeah, it does look generic, like a re-used default chipset for the RPGMaker engine...
EDIT: While the gameplay can carry the game farther than graphics alone, there is still something to be said about the art direction and first impressions, as I said, if there wasn't an RPG maker, then I give the art direction a thumbs up, but due to the fact that it resembles a default setting of RPGMaker, then it's not as great as say, a crosscode or a stardew valley... But yeah, the gameplay may be excellent but seeing as I'm gonna spend a large amount of time with a game, I would want it to appeal to my sense of aesthetics to some point, otherwise, we'd still be using 8-bit graphics for our current games, nostalgia's all well and good, but art isn't stuck in a static time period!