Note: the Zooming-in and Out isn't quite the same. The PCEngine version is a resolution change (I think). The game just cuts between the two different views without a "gradual zooming-in/out" of the Neo.
It works well though, since the zooming-in/out of the Neo's version was very quick.
AFAIK, the zooming effect is simulated with resolution changes. However, it doesn't just cut between zoomed in and zoomed out. There are intermediate steps in there. Not as good as the Neo of course but at the same time not as rigid as 2 "views". If I get some time, I'll make a video of it.
EDIT: Just played the game and it's pretty much 2 views. There might be one intermediate step in there, but it's hard to tell.
Before I saw AOF on PCE, I thought Samurai Spirits would be impossible to do on PCE w/zooming. But after I played AOF and witnessed the actual zooming in and out, I was convinced that SS could be a possibility. Of course it never happened, but I was wishing for it!