Fujito gave a very coy response. This requires some context that is explained a bit past this timestamp and is related to the huge survey they did last year, but I'll break it down.
Tldr: Updated Limbus will ideally be easily accessible content that helps people with existing AF/Relic upgrades. It also sounds like they are considering some new ***for AF/Relic gear. Fujito didn't hint one way or the other about whether that means augments, +4, or something else.
At the timestamp you shared, Fujito says they (I assume the planning team) have discussed and
are thinking about how to make AF/Relic armor stronger. He says they've talked about it as a "set," not meaning an equipment set, but that both of these armors need addressing.
Then one of the panelists says, "Wait, like upgrading it past +3?" (he literally said "to +3 and beyond?" but I think it's clear he just meant "beyond +3"). Fujito gives an extraordinarily Japanese non-committal answer which is the equivalent of a "Yeah, well, y'know" to a yes/no question in English. Not a true yes, but it leans yes. In this case, with the implication that they're discussing and thinking about
something new for AF/Relic gear. Whether it's augments, straight-up +4, or something else entirely is anyone's guess.
One of the panelists then asks, "So this content (updated Limbus) is geared towards players who are still upgrading their equipment?" Fujito follows up on the AF/Relic "set" comment. He mentions many players who responded to the survey said gearing up to 119 is daunting (lit. said that "119 gear seems far away," as in not easily attainable, and that many players don't quite know what to do next). He also says the 119 gear issue is related to the solo vs group play issue, so he hopes new Limbus will be accessible content that helps people upgrade their AF/Relic as they go for other 119 gear (lit. says something like "updated Limbus should be able to cover AF/Relic gear") and discusses being able to skip stages here.
How will all this be accomplished, exactly? Who knows! He said it's in the planning stages (as of 4 months ago now), but they're discussing a system similar to how old Dynamis currently works. As long as you have access, then anyone can enter whenever and maybe even team up (it almost sounds like Walk of Echoes, too?). Fujito says such a system would be his "ideal version of it," with the implication being he's unsure if the content will turn out that way.
Unrelated but I put on the JP>EN auto subtitles just to see what it spits out and YT gives us this gem at 1:45:32 when Fujito is discussing Empyrean gear:
"Empyrean Elephant Tribe"
(The word XI uses for armor sets is read as "shozoku" (装束). Even in Japanese YT erroneously picks it up as two separate words, the first as "zou" (象, elephant) and the second as "zoku" (族, tribe/clan).)