I believe we've had bidding documents for the new class titled "0XXB" or something like that, causing 054B to be the accepted designation, and virtually the entire Chinese language PLA watching scene names it as 054B as well, so while we do not yet have an official name, it is as close to official as we can get thus far.
Given this is an entirely different ship from 054A, and if it is indeed officially confirmed to be 054B, then people might start wonder what rhyme or reason the PLA has for the designation of their ships.
After all, in the past it was thought that possibly "051" meant steam powered, "052" meant gas powered, "054" meant diesel powered etc (though even that wasn't fully clear because the 053 family existed and are also diesel powered)... and alternatively people thought maybe it was related to hull lineage (but that's also kind of silly because the original 051s have almost no relation to the 051B/C, and the 052D is such a significant difference from the original 052 that it's laughable).
But if 054B does have IEPS or CODLOG propulsion, that is of course different from 054A's CODAD, and 054B's hull is obviously different from 054A's hull as well.
So the answer for our question "why did PLAN name this frigate as 054B," might be "lol, lmao".
I'd be careful with word choice here, because the Constellation class, Type 26 and 054B are all intended for slightly different roles and also have different displacements despite all technically being modern "frigates".
Their capability profile are all slightly different, but I would say that if 054B has some of the features that has been rumoured (namely IEPS) it may have a good argument to be among the most technologically advanced of the bunch.
And while the 054A itself is certainly outdated, by virtue of networking and a relatively upgradeable configuration, it can still very much be relevant even in a high intensity conflict in certain scenarios. I would say 054A is better described as "not as future proof" and generally "not as advanced or capable" as current modern frigates.