It is when you're talking about market positioning and who the game is likely to sell to, yes.
I think "well, Luminous Arc 2 bombed, let's get out of SRPGs altogether" is not a good approximation of Atlus' publishing decision-making process to start with
Well let's see. From 2006-2008. Super Robot Taisen: Original Generation, Super Robot Taisen: Original Generation 2, Yggdra Union, Luminous Arc, Rondo of Swords, R-Type Command, Drone Tactics, Operation Darkness, Spectral Force 3, Zoids Assault, Yggdra Union PSP, Eternal Poison, and Luminous Arc 2. Some of these games were so bad, even I didn't buy them new, and I'm a fairly dedicated tactics game player. Now I'm sure at least a few of these turned a profit, but let's just say the bargain bin was a lonely, desolate wasteland of Atlus SRPGs in 2008. In fact most of those 2008 games were still in Xmas bargain bins.. in 2009.
2009-2011. Shin Megami Tensei: Devil Survivor, Disgaea 3: Absence of Justice, Shin Megami Tensei: Devil Survivor Overclocked. Yeah, 3 games in 3 years, one of which is a slightly updated 3DS port. The numbers speak for themselves. They got burned hard by their earlier SRPG push and retreated back to the occasional sure seller. Now note that they have still been publishing niche traditional RPGs, but they've avoided niche SRPGs like the plague, and for good reason if their previous sales are any indication. Atlus's avoidance of SRPGs in 2009-2011 has followed a general industry trend, as well. These last two years have seen so many good yet unlocalized SRPGs and turn based tactics games it's starting to look like the gaming dark ages when almost nothing got localized.
I think Knights in the Nightmare is too different from SRPGs to state that it's a vote of confidence for the SRPG genre. I think it's likely the reason they took a risk on it is because it was different enough from an SRPG to give it a try. Furthermore I don't think the Sting name has much recognition or appeal and lumping Sting games together when most people don't even know that Sting developed all of them isn't sound logic.
Now I'm not saying I'd be disappointed if Gungnir was announced. I'd certainly buy it since it's not a totally awful Grindea Factory game or something. But I worry that if it's being published, Atlus is doing so for the wrong reasons, and the sales won't match up to what they're expecting, and we'll be back to square 1 again.