Certainly isn't. I don't think it's false at all. There's plenty of precedent out there for sequels that have absolutely nothing to do with previous entries (even more so than here with BG3), in both games and film, so it's not wrong or false to do so here.
This game sits within the same world in which the Bhaalspawn saga played out, ~100 years after those events, so it's not at all false.
I do find it obvious and vulgar marketing though, and this would be better served by dropping just the '3', since they've as much stated that this is its own thing. Related, but not connected (a cousin rather than a sibling).
Ultimately, Larian'll do what suits them (and WotC) best, and I have little reason to doubt their good intentions at this time (I have little to believe in their good intentions as well, but for now I'm happy to offer them the benefit of the doubt).
I don't think they'll drop the '3' (even if they were able to), but staying silent is also not a good option. So, I offer my personal feedback as regards this and leave it for them to do with as they will. I have every intention of buying and playing this upon final release regardless, short of a Sword Coast Legends-type catastrophe (which I find unlikely).
