Getting further in I'm a bit mixed about it really. The story and characters are awesome, but it really lacks depth from a gameplay perspective. Leveling up and stats are entirely superficial as there is no choice whatsoever apart from equiping better gear as it becomes available and the fighting itself, while flashy and fun in it's own right is too watered down to have the action carry the entire game.
I'm still enjoying it a lot, but they missed some opportunities with this.
I agree with your assessment of it. If I consider it as a Final Fantasy game and what I look for in the series it's disappointing in terms of player agency, party management, and character development (in terms of skills and abilities). If I purely accept it as an action game it's great and on a par with God of War, slightly better story but slightly worse combat.
I feel it would have taken much effort to add more meaningful RPG elements. As a nitpick I also wish Clive could run faster, so often it's just boring running from point A to point B at such slow speeds. The Chocobo helps once you get it, but you are so frequently kicked off it for a story segment it's a bit meh.
After 12 hours in the game it was a 9/10 game for me originally, again just judging as an action adventure game. That has now dropped to an 8/10 but still enjoying it.
I do find myself getting bored of the combat, something that never happened in God of War or even Spider-Man. It's a lot of flash and eye candy but ultimately quite repetitive.