Looks like it's an enhanced update to Final 2. Only announced for PS5 at this time. https://realotakugamer.com/r-type-final-3-evolved-coming-to-playstation-5/85733/

R-type is a really grim tale with many disturbing and sometimes downright terrifying moments. But even though the most significant events are present in main games, there are still bits of information here and there which add to the overall sence of dread, but they are rather obscure and finding them seems almost impossible. I know there are people out there who have been diving deep into R-type lore to figure things out on themselves. I'd like to invite anyone who can share the darkest and most disturbing...

Horribly exploitative, just like the coin-op arcade games. I wonder what it feels like to earn a living off selling this kind of soul-less material designed only to try to get people to waste money on childhood nostalgia (R-Type was never a good game, it just looks good- contact damage and losing weapon upgrades on getting hit is garbage) without a care in the world about offfering a fun and engaging game. ...

I have been waiting to play this game until it gets updated to Final 3. Do you think the PC version will get upgraded to Final 3?

I am dying MUCH more often in this one than I did in that one..... and I have put it down to Kids difficulty. I feel like there are not enough power ups, too many enemies and shots coming from multiple directions, and things feel cramped as though I don't have enough room to maneuver, and some checkpoints put me in VERY bad spots. Anyone have any tips? And why is the lower difficulty setting still so bloody hard?...