One Shenmue II cutscene was featured (at the Shenmue tree), it was widescreen.
Personally I think there's a toggle option for 4:3 and 16:9, because both games work in 16:9 with fan mods on emulators and I believe real hardware.
You're right, missed the tree cutscene from S2, but that makes me think that they'll keep S1's cutscenes 4:3. It shouldn't be too hard to make them 16:9, but this port doesn't scream high quality.