True Colors was developed by Deck9 whereas 1 and 2 were made by Dontnod. Dontnod don't have a working relationship with Square anymore afaik and probably won't be making another Life is Strange game. All that to say the next game will probably be very similar to True Colors.
u/ladosha2 created a savegame editor for Life is Strange 2. Note that this is work in progress and not all available values are selectable right now. Disclaimer: While this tool creates a backup of your save by default, usage is on one's own risk. There have also been savegame editor projects for Life is Strange and Before the Storm .
Life is Strange: True Colors is essentially Life is Strange 3 under a different name, combining many of elements of Life is Strange and Life is Strange 2. The strengths of this game comes from the likeable characters and interesting choices. The negatives are the dialogue, weak main story, and another bad chapter 5.AJWmjw.