Just confirmed on the Nintendo Power podcast yesterday that Squad Strike is in fact one continuous battle.
Where when a character dies the next one in line on your team spawns in.
I had kinda assumed this was the case but the wording in the direct made it a bit hard to parse.
I’m still confused as to what rulesets and modifiers will be allowed for it and if it’ll be in the online mode (probably not?) but at least from this it doesn’t seem like you get booted to a menu screen or whatever between character deaths and it just presumably flows smoothly from one to the next?