The version I‘ve got on Steam - which is seemingly the only one - is capped at 30 fps with no way of unlocking it since there‘s game logic tied to the framerate; I assume this holds true for all versions then. The gameplay with its constant camera movement would certainly profit from a higher framerate, it‘s one of maybe five games that I‘ve played where the sluggish camera made me motionsick. And generally higher resolution assets and UI wouldn‘t hurt the game either. I certainly would get a remake if only so I could re-experience Okami at 120 fps without getting sick lol

One great thing about Okami is that because of its art style and direction, it ages quite well.