Yeah, if this retains the same relative structure as EO, don't expect much, aside from side quests and the occasional scene. I very much doubt there's going to be much of a focus on social links, if they exist at all.
What could they do anyway? Given that both groups have all their party members, it'll be a few months in, meaning most players will have actually bothered with the social links. Canon or not, that's a lot of development that they would have to worry about acknowledging, especially given the open-ended nature of both games.
Plus, my guess is that the velvet room will be the hub, while Yasogami will serve as the main dungeon, with no "safe areas." It's kind of hard to build bonds with someone when you're stuck in an oversized elevator.
Basically expect the combat to be more mechanically robust, to the point where it doesn't need to rely on the life sim component, but for that to mean it takes much more of a backseat role or doesn't exist at all.
They'll think (or rather, they've thought) of something. We've seen lots of event dialogue in the trailers (outside of the Velvet Room), some sillier than others so the "it's hard to build bonds" thing is moot. It's not going to be dungeon crawling (almost) entirely.