art assets take much less time and money to produce, leaving more oxygen for things like feature development and map design
While that's true to a certain degree, I am not so sure I'm willing to say there's a huge level of difference between say Pathfinder: Kingmaker or Wrath of the Righteous versus say Pillars of Eternity. Both are CRPGs, but one looks and plays like its 30 years old and the other feels like something that rightfully exists when it came out.
And I do understand that Pillars of Eternity's goal was to emulate old CRPGs, but I think Pillars (along with basically every other Obsidian Project) misses the mark.
stylized visuals give the game an instantly recognizable aesthetic character, and a good style elevates the game's thematic immersiveness
I think this is untrue for like 90% of pixel art based games. For every solid game you have, you have 10,000 that are lazy as shit and generic as fuck looking. Pixel games are to the late 2010's and mid 2020's what drab, gray and brown map design was to 2000's era shooters.
but which image gives you better access to information that's directly relevant to playing the actual game? the locations of enemies, the kind of threat they represent, how legible the level geometry is, what direction you might reasonably explore next?
This is a good question and a good point, but I think it leaves out some relevant information. In the Doom screen shots the goal is to Rip and Tear until it is done. In the Call of Duty Screen Shot the contextual information that's missing is that its a semi-stealth mission where you're having to make snap decisions based on often incomplete information. The dark lighting and lack of knowing what is present is as much part of the presentation as what's shown.
And while I will say the "realistic" look probably doesn't work for Retro Shooters like DOOM or DOOM Eternal, or any others like them, that doesn't mean they can't choose a style that is decently high fidelity without sacrificing their identity.
Style is important after all, and much like the readily killing off of internet websites, the samey artstyles and genre types really seem like they drag down the rest of the industry.
I mean it seems like 90% of all releases each year are: Pixel Retro Shooters, Souls-Like games, Third Person Adventure games, First Person Shooters, a high fidelity racing game, and then 20-30 "cozy" Harvest Moon style farm games with a slightly different gimmick. Oh and like 97 unneeded Paradox DLCs