I don't think it's the lowest point but it's among the lowest...
Battle content wise, I don't feel we're going to be on par with ShB. This is the only expansions where I mostly raidlogged.
We only have 1 patch remaining and it's most of the time just a patch to keep the game alive until next expansion.

Dungeons, 8 man raid, 24 man raid
We'll have the same number as past expansion, this isn't changing.

Extreme
So far we're missing 1 Extreme compared to SB (Rathalos) and ShB (Varis)

Ultimates
We got 2 Ultimates this expansion and they are higher quality.
This is a straight gain, but having two bugs on TOP isn't acceptable.

Eureka Orthos
I get people asked for it but the problem is that it's POTD 3.
Sure it's now more about mechanics than Auto attacks but POTD mechanics are tiring as they're the same again and again.
Same potmander, sames traps, same monsters...

No Eureka, No Bozja
This is honestly a massive let down.
Eureka and Bozja were a fun area to explore with tools to make the jobs feels different.

No Delubrum Reginae, No Baldesion Arsenal
Again lacking.
I think DR and BA have a lot of potential.
DR problem was that nobody used resources from Bozja, Lost Action and essence, making the dungeon painfully longer.
DRS main problem was getting 48 players together.

No Relic content
Give 500 tomestones and get cool weapon.
Having to farm 500 or 15.000 tomestones isn't interesting in both cases.
But we're really lacking a side content, it could've been tied with Eureka Orthos or something.

+Criterion
Criterion is a very good idea but the execution is lacking.

The extreme is good, you have good mechanics and the bosses are fun.
The savage version is simply "everything hits harder and has 15% more hp, also no res possible", it's a lot of artificial difficulty and barely any rewards.
You clear it once and barely have no reason to come back. And it's not especially fun, you're barely repeating what you did on Extreme.

Others
I don't have any interest in crafting but we didn't had reconstruction as far as I know.
In SB we had the reconstruction of Doma, in ShB the reconstruction of Ishgard... Also Idyllshire was rebuilding itself in HW.

Story wise we are at the lowest point ever seen for this 6.4. We got hours of filler and only 10 minutes of actual MSQ.

Job design dropped in quality, SQEX has given up on MCH and RDM, SMN has been buchered to legos, Healers are still complaining and the game caters to melee DPS.

This is the first time in years QA testing missed serious issues (Auto in TOP, Caloric, job balance in P8S)