I'm of very mixed thoughts on this game.
The voice acting is very good. The story is (I think) deliberately confusing and obtuse and it has a lot of alternate timelines and sci-fi mumbo jumbo. 95% of the gameplay consists of just clicking on places on the screen to move about (it's side-scrolling 2D), choosing a dialogue option (similar to a Telltale Game), or clicking on a white circle for some interaction. It's very, very close to a 2D "walking simulator", with the exception of tuning a radio signal at times.
So is it good? Sort of. I wasn't bored playing this, but I think there are far better games in this genre. The closest game that springs to mind gameplay-wise (outside the first Oxenfree) to this would be Firewatch, and I feel that was a better game in every way.
I'm very close to give this sequel a take it or leave it rating. If you're a mega fan of Oxenfree, I guess you might feel compelled to check this out and you likely won't be too disappointed. For everyone else I wouldn't bother with it.