Depends what you mean by that. The OG R7 suffered from terrible rolling shutter, loud mechanical shutter, a bit noisy at modest (by modern standards) ISOs, mediocre AF, and limited buttons and dials. Personally, I don't consider addressing these issues to be "loading" it up, but a more versatile body, and faster processor & sensor will cost 30% plus more.
Canon could keep the same body and processor and just drop in a "new" sensor to keep costs down, but (and maybe I'm being biased here), I suspect there is a larger market thirsting for a true wildlife enthusiast-level APS camera, something like a R6 III with crop sensor, than a cost conscientious one that would make due with mediocrity, which is what the current R7 is. The Fuji X-T6 is going to drop this year too, so Canon might feel that's marketshare worth taking too.