If you want to ignore the other added features including second affection unlocking and crafting, then sure; the update was "just" about the new event.
To forestall anyone being tempted to say, "but we can't level the secondary affection without gifts", you're wrong. Craft the 5%/10% universal ones from the regular gifts and use those; at least two people that I know of have done this already and maxed 2 girls.
Don't have enough regular gifts to craft? Well, now you have something else to do: run the Searching for Presents map(s).
It's not the Holy Grail of updates, granted, but I think a few people here are just trying to be disappointed; even if Blooming (2nd evo) went live yesterday it's not like anyone was in a position to evolve anyone since no one had the mats.