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Mainland China, Singapore & Malaysia use simplified Chinese, HK, TW & Macau use traditional Chinese.

They sound exactly the same (assuming spoken in the same dialect/Mandarin) but are written differently, although people who read one typically can read in the other, not sure why merely an empirical conclusion.

Just watched like 5s of the video, it seems as though it's for the HK & TW market, with the Odyssey trailer ending frames saying that the game is to be released in HK 27 Oct and in TW 01 Dec.

 

While it'd be good for Nintendo to enter the Chinese market, I'm not sure the market itself is groomed for mass console video game consumption.