I feel like teams in Rio>>Tokyo. There are so many injuries in Tokyo, especially the starters, and many are not in good shape.
Comparing to Rio:
Serbia, only Boscovic got stronger, the rest are just older versions, so it evens out.
Brazil, same level if not weaker, main setter injured.
Italy, at least made it out of pool matches, unlike last time, slightly stronger.
Russia, slightly stronger.
USA, could be stronger than Rio if two of their main players didn't get injured.
China, two main players got injured, and it's worse for the coach coz she didn't subbed them out, way weaker than Rio.
In conclusion, weaker teams got slightly stronger, top tier teams got weaker. Only Serbia and Brazil remain their level, and they are likely facing each other in the final, a final we could've had in Rio if Brazil didn't lose to China unexpectedly.