I can see a big potential, and it can easily blow Sonic out of the water.
The game goes to town with context sensitivity, and since one button does everything at some point it feels like I'm just holding up and Z to make things happen and progress further. An example of immediate problem of this configuration is during bossfight, where pressing Z button attacked the boss, but my intended action was grinding.
Even rotating the bike feels useless, since it doesn't require as much careful angle management as Elastomania, so it effectively becomes a QTE during grinding, and rocket boosting which I'm not fond of.
Hard to say if the design should be changed, since the game encourages speed, it doesn't leave much options to introduce new controls.
It was still fun btw.