I'm probably overthinking what is ultimately a barebones showing of the combat system, so this may be a bit rambly...
I noticed that when the enemy's doing a move, your action bar is grayed out. If that means you can't do anything while the opponent is moving, then it implies mitigation (or at least healing) is going to either be a dedicated action from Razmi, a (potentially limited) resource all it's own like items or something, part of that not-implemented super meter, or just being relegated to "Killing them is 100% mitigation". Makes me feel like I'd need to super-optimize my combos and targeting priority just to thin the numbers so that I don't risk an unlucky gib from enemies deciding they *really* want to punch Zebei in the face to the exclusion of the other members. My alpha strike making or breaking the fight.
Then again, that's kinda how VP was anyways in the latergame, as I remember it. Kill guys dead in one fell swoop or hope your death-preventing effects kick in when they drop a Great Magic or some other nasty hit on your squad. Which begs the question: What sort of hinderance, if any, will a dead character (particularly Ajna) be? IIRC, in VP if Lenneth faceplanted you had exactly 3 turns no matter what to either win the fight or rez her before your Einherjar dissipated and you lost the fight. Any dead characters at fight's end would be back up at 1 HP or so. Will having to manage resources (including health) between fights instead of just inside fights be a thing?
Hopefully nothing like P3 or FF13's "Lucky instadeath or entire enemy party targets your leader? Hope you saved recently!" deal...