I would recommend jumping into Pillars 2 right away, if you have it. The continuity can be staggering in some places, e.g. upon arriving in the Huana Capital (where all factions, except the Príncipi are based) Pallegina laid into my character for the choices made in the first game (to be fair, I got her kicked out of her Paladin Order). But the game feel much more engaging to play, in no small part because the Deadfire feels more like a vibrant and living setting - Granted, it was intentional that the setting of the first game feels more melancholy and oppressive, and I also liked that (the Story's pacing is just lopsided like hell).
The story of Pillars 2 also feels much less more engaging and free form, esspecially since the main quest lines for the Huana Throne, the Vallian Trading Company, the Royal Deadfire Company, and Príncipi tend to intersect meaningfully, shorting several branches of the story significantly. I am now at ca. 70 houres with 2 of 3 DLCs down and the game telling me that I should be outfitting the Iovara with all the best equipment for a journey with (possibly) no return in regards to the main quest - of course if you are going to do naval combat with every ship in the Deadfire or beat every challange boss you will be up for some time.
But maybe I might also be that I just enjoy "singing" along with the sea chanties during travel on the overworld map too much.