No, this version has nothing to do with the SEA version. It has almost all the content from the Japanese version (I think we're behind only a few patches), whereas the SEA version was outdated by years when it came out and because it shut down quickly, it never caught up to the Japanese version.
Also, the SEA version died because it was extremely poorly handled by its publisher. I don't remember the company's name, but they're infamous in the region for the kind of scheme they tried to pull with PSO2. That and the community was quite toxic. A lot of people from that region either continued playing the Japanese version thanks to the now built-in proxy settings from Tweaker or they just left the game altogether (I have two acquaintances from Singapore who each went one way).
The monetization scheme in this version is very close to the JP version, which is popular even among its international playerbase due to the fact that, if you play regularly, you really only need to purchase convenience items if you feel like you need them (more inventory space, additional mags, additional skill trees, so on and so forth). In the JP version, cosmetics and anything that directly impacts gameplay (such as a plethora of affixing items that only come from the AC scratch) can be purchased with meseta. As a free player, you can also rely on the FUN scratch to acquire 3-days shop passes and even 3-days My Room passes. As a regular player, you should be overflowing with them (I sure am in the JP version).
The primary problem with the SEA version is that it was P2W and not at all shy about it. For instance, costumes (I don't think we had layered wear back then) had stats, which isn't a thing in the JP and NA versions. You can pay for conveniences here (and sure, paying for AC scratches will net you millions of meseta if you sell the stuff you get from them, especially cosmetics), but that's about it. You have to work for every weapon and gear piece, and even if you pay for affixing facilitators, you still have to do some work to get the crazy gear metas.