I think that's really unlikely and financially unsavvy, I doubt it would get approved by higher ups even if the dev team wanted to do it.

It'd be a huge waste of all the work that went into building this. You can take the same baseline Hogwarts and definitely add a lot more things to it. Plus, I don't think players would be too mad at it being reused - on the contrary, there's something also a bit nice about returning to a familiar place after a couple of years, as a sixth year student or whatever this time around.

I would venture to guess that a sequel would focus on making Hogwarts feel more alive - more students, schedules, classes, social activities, maybe even bonds and social links and things like that.