That new tire does not look any lighter than the old one... But it's certainly larger. I'm guessing it's a 42" x 13.50", but who knows (those official specs are only loosely related to the actual size of the tire). The old Toyo was a 39.50" x 13.50".
If they somehow made it bigger, but kept the same weight, that would be a big achievement. The old BFG 42" tires were not popular because they were heavy and required a 20" wheel. If the Toyo takes a standard 17" wheel, but still turns okay, that would also be a big deal. The problem with making the tire taller and keeping the small wheel size is that the tire sidewall becomes too flexible while turning.