“Well they will also allow you to bypass greenlight”

From my understanding of your interview, it will only be the case if they accept to be published under Square Enix name, meaning that Square Enix becomes their official publisher instead of just a “supervisor”, and they might take a bigger cut as a publisher.

The projects supported by Square Enix cannot be worse than those already out there on Kickstarter / IndieGoGo / Whatever which don’t provide many guarantees to begin with.
There are a lot of indie devs running a crowdfunding campaign even though they don’t really know/realize the amount of work/cost required to actually deliver. In that sense, and if Square Enix actually acts as a mentor like they say they will, it may be less risky to pledge on a project supervised by Square Enix than another one run by an inexperienced team and without guidance.

That being said, caution must be used whenever participating in a crowdfunding campaign, whether it is supported by a major international publisher or not.
Crowdfunding is by nature risky, as you’re giving money to unfinished / non-existing products and often to inexperienced teams. If you’re looking for assurances and customer protection, then you should definitely NOT pledge to a crowdfunding campaign and wait for the finished product.

We had to postpone it because Shahid is very busy, but it’s still happening at some point.

Well they will also allow you to bypass greenlight, but when the walls around a garden are falling, the value of someone offering you a leg up over it also falls.