Kinda, yeah. Both Untold games have two mode: classic and story modes. The classic mode plays almost the same as the original game, so you create your own party and customize as you wish; story mode don't let you create your own party.
But the biggest difference between both modes is than story mode feels more like a regular jrpg, with your characters talking and reacting to events of the game; you can say is more character-driven. In classic mode, by virtue to don't have a defined party you as the player barely "participate" in important cutscenes and its the NPCs which advance the plot.
Still, the main gameplay loop is the same in both modes and the distinct elements in each place (floors, enemies and bosses) are the same or have few differences.