I'm almost certain it is analogue - "Board Game" a convincing packaging mockup, as well as mockups of pieces, movement squares and cards, "Table-top experience", what looks like fantastic minimally-animated handmade art and the campaign page says "based on the.. video game," as well as relating physical TTRPG games implying it's in the same categorisation. But there's still that doubt, as there isn't a physical set yet.

Edit: Mood Publishing handles licensed adaptations for physical board games, including one for Valheim, Deep Rock Galactic (both can be seen advertised in the video), Goat Simulator and Hitman. I think it's safe to say they're physical!

That said, their board games seem really fucking expensive at first glance -- but I've never had a niche, detailed, custom-built set that isn't mass-produced, before.