It is genuinely hard to describe how little there is to do in New Genesis. Anything I could say will sound like I'm leaving half of the things out. I'll instead make the statement that there is pretty much nothing meaningful you can do that doesn't just loop back into the cosmetics and social chat-room play style. You will be provided gear that is good enough for anything. You will be boosted to the max level through the story. There are the cocoons of course, but those are one-and-done. Once you're powerful, there's nothing to use this power on. There's nothing to fight. Duel quests are maybe the exception, they can give you a source of income, but then the only purpose of this income is to just buy things from other players to dress up your character with.

PSO2 is a completely different story and one of my favorite games of all time. My playtime on steam is less than half of my total playtime, as I played on the Microsoft Store when it was exclusive to that. I would barely recommend that, and if this game looks like it really interests you, go for it. Play the original. The character I've made in PSO2 I haven't changed the design of since before NGS came out, making the purely fashion-themed NGS worthless to me.

Finally, if you are literally Just looking for a social chatroom and fashion game, I don't really think you'll find a better one than NGS, but they're very predatory with their microtransactions. Most interesting and desirable items are going to come from Scratch Tickets, which are exactly what they sound like. They're just lootboxes, and they cost a significant chunk of money per roll. You can buy these items from other players with the free currency in game, and it's honestly not an impossible task. You can certainly earn enough of the currency to make likely one outfit you really like, though it will be a considerable amount of work, meaning it'd give you something to do in the game. Of course, the best way to get this currency is through buying your own scratch tickets and selling the items, though...

A game that once use to be good known as just Phantasy Star Online 2 turned into NGS a former husk of itself drastically downgrading everything in favor of hunting for the Open world trend and milking the players by solely focusing on Scratch tickets alone to survive ruining NGS along with killing off "Classic" with questionable decisions. It feels like since NGS launch they have nothing else to show besides the scratch tickets making up more than 80% of every announcement they make on the game and probably the same enemy they've had from the beginning for the 50th time but they have a different sticker on their forehead.
It's been around 3 or 4 years but the game just has barely anything new besides every now and then a few new regions and if we're lucky 1 new class which is disappointing since this game has so much potential to be good but feels wasted in favor of milking the players then try to do anything besides repeated missions or make anything unique like how PSO2 "Classic" did with everything from bosses to different designed enemies compared to NGS which throws a sticker on their forehead and call it a day.
It makes me sad knowing they could of just called this PSO3 and keep the original PSO2 alive instead of dumping it in the gutters like it doesn't exist not supporting it anymore in anyway like some abusive ex dumping for someone "better" but turns out they have nothing to show besides gloating they have everything better.

I highly do not recommend even trying this game out until they finally show they care and not just some region from PSO2 "Classic" that took 2 years and feels hollow with nothing to do after you beat it within 30 minutes or shoving your face with Scratch Tickets to nickel and dime what remaining player still choose to play dress up simulator which i can understand as the player creation is probably the best i've seen in a long while but anything you want is by painfully grinding Star Gems or throwing your wallet for the chance of even getting what you want.

Maybe one day they'll learn but it'll probably take them 10 years to realize the game actually needs something done

Got banned for no reason and the game does not want to tell me even though I have 115 hours and spent £40 on this game dont play find a better mmo like eso or gw2 or wow because they will not ban you for no reason I always did right by ToS and was kind to every player had 40 friends last thing I did was level up 2 classes to 90 and hunter subclass 20 times in one day levelling does not go against Tos But ok