As an indie game developer and illustrator, I think this is quite a decent redesign overhaul for Vintage Story's logo. The blocky elements catch the vibe of the game being a block game, the features of the game in the logo are a nice touch, and the refined iconic gears from the bottom of the "normal world" are a good addition.
But...
As others have said, the logo is indeed too cluttered for a normal logo, the colors are too vibrant for a lore-ridden (post-apocalyptic) survival sandbox game (with a "rust world" mechanic), and the level of detail is too exaggerated, making it terrible to see as a desktop icon.
In my opinion, I prefer the old logo because of its less saturated colors, referencing how brutal the game is, how it fully reflects the game's look and feel, and its design simplicity and effectiveness.