This is more than a refresh - maybe not quite rising to the level of a full redesign.
New:
Keyboard
Screen
Case (thermals)
GPU (more powerful than anyone except Razer has in a thin-and-light)
RAM capacity
SSD capacity
Retained (Intel's fault):
CPU
Retained (by choice):
Basic design language
I'm not at all sure we're going to see a MacBook Pro with different design language until it has ARM CPUs... Think carefully about whether you actually want an ARM MBP (an ARM MacBook makes more sense) - a LOT of the software is going to be iPad ports (just as an example, we'll get Lightroom CC, but not big Lightroom Classic - and Photoshop will be based on Photoshop for iPad)
New hardware does not represent the generation. There are several MBP with new hardware parts previously. Such as 2019 15 inches MBP is till 4th gen MBP even it got i9 8 cores. Apple increase RAM to 32GB before and it is still 4th gen. So I would not consider SSD, RAM, and GPU to represent the generation.
The case is kinda different but the design itself still follows the 4th gen.
The screen is slightly bigger and has bazel less design. But the spec is almost identical to 4th gen.
The keyboard is kinda backward from new to old. But instead, they improved it and then named it as a magic keyboard.