No. If they go back to the way things were, they're not going to sell to the mass market. These days, if you want your game to get noticed at all, you need a huge budget. If you need a huge budget, you need to appeal to the masses. If you need to appeal to the masses you have to make a good ol' linear action game.
Of course, RE7 can be a great action game. But, if you're looking for an old school RE experience, you'd have to hope that they do more of that stuff on handhelds.