I imagine New Virtua Fighter will have a storymode that is standard for most fighting games. A series of fights with cutscenes between them. Maybe there will be Shenmue-like gameplay of having to go from one place to another and talking to NPCs for progression. And like Shenmue, fights may break out that will switch to a sub-fighting round. But I'm fine if it's purely cutscenes.
I assume Virtua Fighter's story mode will be like Street Fighter VI's.
We have a story mode and arcade mode.
Story mode will feature us as a customizable player avatar exploring 3D environments, such as Yakuza's Kamurochō (which is a realistic recreation of Tokyo's Kabukicho district) and then we met all of the Virtua Fighter characters in the story.
They could be our opponents or our teacher or both in the story mode.
We'll know their back story or motivation during our conservations with them.
For each character story, we have to play the arcade mode.

Really? How so? (I don't want to use any emulators for anything as recent as seventh-generation consoles, i believe piracy/emulation has more leniancy if the content is outdated/abandonware or dated-exclusives. If I were to emulate Switch 1/2, PlayStation 4/5 or XBox One/X|S games, I think I'd be more in legal hot water.)
They shared the name "SEGA AGES" but the game list are different.
For example ...
Switch has Herzog Zwei, Shinobi, and Alex Kidd but PS2 version doesn't.
PS2 has Last Bronx, Gunstar Heroes, and Panzer Dragoon but Switch version doesn't.

PS2 SEGA AGES was a joint venture between Sega and D3Publisher while Switch SEGA AGES was a joint venture between Sega and M2, continuing their
3D SEGA series colaboration on 3DS.

Nice! Can't wait until I get that far. Though, of late, been distracted by Virtua Quest.
Virtua Quest isn't on my Sega bucket List, just been curious how bad/good it really is and got distracted by playing it more than Skies of Arcadia.
It might be a spin-off but ironically it's a game in Virtua Fighter franchise that has most story in the game, lol, at least until the new Virtua Fighter arrived later.