I think this presentation has a lot of potential. This year's Feb direct was obviously held back by TotK; Nintendo wanted all eyes on that and revealed the bare minimum releasing after it (only Pikmin 4 in July). Compared to previous years, they revealed Xeno3 for September (at the time at least) in 2022 and in Feb 2021 they revealed Splatoon 3 more than 1 year before its release. So we now have an empty slate yet to be filled in.
Going back to the Feb direct, the trailer for TotK wasn't as impactful as they hoped, but I still enjoyed Feb 2023 direct more than any presentation last year. It felt like it had a nice mix of everything: some smaller games I liked like Katamari, some surprises like Layton, MK8 getting new characters and Metroid shadowdrop and some general nice things like GB/GBA on NSO and Pikmin.