Have a look at the linked https://m3.material.io/blog/building-with-m3-expressive to get a better impression of what this is about. From the guidelines given there, many parts of the design make sense and will help designs work better - grouping objects properly, be aware of contrast to highlight important elements, more options for good typography (instead of basically none, Android/Material offered nothing by default), helpers for highlighting buttons etc. It's also still simply a good idea to focus on good animations that actually work for the UI, instead of being superfluous baggage, and then to make them feel nice. I'm not saying it's groundbreaking, but it's helpful to have something like this as an official guideline, and be it to reign in rogue designers.
But it's still a flat design, and thus does not properly transport clickability. And their weird approach for the color schemes still leads to an ugly mess, pastel with weird contrasts and color combinations that just are ugly. I haven't seen a proper analysis what's going on there, but it sucks. Also, this whole design system is very far from leading to a consistent system, but that seems to be a non-goal, just some standard component building blocks are there to foster familiarity.
Better than nothing and probably a step up, but M3E doesn't convince me totally so far.
