I don't think the comparison works. Vanillaware already made games that can run on everything, they work within their means and don't try to push the envelope from a tech perspective. The difference is just that they started releasing their games on more screens. They didn't have to compromise anything, they just made another version of the same game. By comparison, I don't think Square should scale back their design or technical ambitions to focus their games around the Switch.
HOPEFULLY the Switch 2, whenever it actually comes out, actually has decently scalable hardware so that it can run some form of the same games people are already making for PS5, then everyone can be happy because nothing is being compromised. But if it's a generation behind again (and I hope it isn't), Square can't just go "OK, we're just making all our games around the Switch 2 now, everyone else on every other platform has to deal with up-ports". Letting one single platform - ANY platform, be that the PS3, the Series S or the Switch - dictate the design and technical performance of every platform's games isn't the right way to go.
But all of this is academic until Nintendo actually reveals the NSW2, isn't it? We can't know what it'll be like until they do.