In terms of business when you can buy a 30 euro easy jet ticket or a 200 euro train ticket, not a lot of people are going to be able to afford the train. In many parts of Europe, trains are not price competitive with air connections. And also a lot slower.
Here in Germany, there are a lot of domestic flights under 1 hour that connect places that would be 4-6 hours away by train. Even with the inconvenience of being treated like cattle, having to travel for an hour to get to and from the airport on both ends, etc. it's still a net gain. And often it's cheaper too. And it's the difference between needing a hotel or being able to travel back and forth on a single day. Early morning and evening flights are usually packed.
Trains should be dirt cheap but they aren't. A round trip to my parents with a 4.5 hour train journey costs me around 110 Euros every time I do it. The fuel expenses for the same journey by car are about the same.
Reason: Deutsche Bahn is a state protected monopoly that has little to no real competition and is run in a super inefficient way. So companies that have to burn enormous amounts of kerosene are able to compete on price. That's insane. There are buses competing with train journeys in Germany charging 30-40% of the train ticket price. Sometimes less. Do buses have better fuel economy than trains? Of course they don't.
So, yes, these luxury trains will be drop in the ocean in terms of actually cutting down on that. I doubt they will be profitable at all. At those prices, filling the trains will be a challenge. Though there is a market for people with a conscious and a wallet that want to go places but feel bad about flying there.