I'm worried that they once again they blew a large part of the season's budget on the season premiere in order to make the show seem more impressive than it actually is. There were several "ships in space" CGI sequences that were uncharacteristically good — on par with the best of last season's "shattered earth" sequences. We'll just have to see how the season proceeds from here.
They also split the cast into two completely separate storylines. Quake, Simmons, and the two recurring agents from last season (as seen in the poster frame above) are bouncing around the galaxy in the Zephyr equipped with the interstellar teleport that the alien confederacy gave to HYDRA, in order to look for the Fitz who was going "the long way around" to the alternate future they supposedly prevented. Meanwhile, Mack, Yo-Yo, May, and a whole bunch of new recruits (S.H.I.E.L.D. is legitimate and public again?) are back on Earth dealing with Multiverse issues that may or may not be a consequence of the events of Avengers: Endgame. It's too early to tell; there is talk of ley lines.
The first storyline is already more compelling than the second, partly due to the effects (see above, re: CGI) but mostly due to the fact that Quake, Simmons, and Fitz are the more interesting characters. The second storyline is the same cheap crap that has bogged down previous seasons of this show, and if it can be saved at all, it will be by the Multiverse-Coulson who is apparently known as "Sarge".
The two storylines will eventually merge later in the season, of course, and based on clues in the trailer, I wonder if they're doing some version of the "incursion points" storyline from the New Avengers comics back in 2013. In a nutshell: the Multiverse is collapsing, Earths are colliding, destroy or be destroyed.