The usually well-informed author of the Sand Software Sounds website derives from the pictures that both sequencer and arpeggiator are on board. Yes, the Arp On/Off buttons are clearly there, but I don't find real evidence for a stand-alone sequencer.
But not worth speculating much so shortly before NAMM start.

I just have the feeling that for my needs, which are 100% in the field of acoustic instrument emulation, the second engine, FM-X, is a waste, I would use nothing of it.