IEPS propulsion is less efficient than connecting the gas turbines directly to the propellers. So the Type-55 is actually going to need more installed power if they want to maintain the same top speed.
We can see the Arleigh Burkes normally cruise with only a single gas turbine turning a single propeller. Yet they have 4 gas turbines and 2 propellers in total, because there is a need for speed.
I doubt they will increase the VLS count as 112 cells should be enough, especially since they will be operating fairly close to Chinese ports for resupply.
I think IEPS only really makes sense once you need large amounts of electricity, like with railguns or lasers.
IEPS is actually more efficient than direct drive.
In direct drive, the drive train is gas turbine (brake power) -> reduction gear (shaft power) -> drive shaft -> propeller.
In IEPS, it is gas turbine (brake power)-> electrical generator -> electrical motor (shaft power) -> drive shaft -> propeller.
The reduction gear brings in 2-5% loss in case of diesel engine which has much lower RPM than gas turbine. More stages in the gear box will be needed to reduce the RPM in gas turbine setup, more stages means more loss. 5% is the rough number for diesel setup, it may be
10% loss in case of gas turbine. The RPM must be bring down to drive the propeller.
Electrical generator and motor combo can attain as high as more than 95% efficiency (
<=5% loss).
Electrical motor can run at very low RPM without loosing torque, an character that neither GT nor Diesel -setup can ever match. A daily life example is that electrical cars with same power rating always out-perform cars of internal combustion engine in acceleration (high torque).
So from the primary mover to the propeller, IEPS is more efficient than direct drive. In turn, Diesel setup is more efficient than gas turbine.
Besides that efficiency, lower RPM means higher efficiency (propeller -> forward motion).
Let's take these in the calculation (not accurate, just an idea):
Arleigh Burke has 4 X 19.75 MW (brake), it becomes 4 X 17.75 MW (shaft) = 71.1 MW (shaft).
Type 45 has 2 X 21.5 MW (brake), it becomes 2 X 20.425 MW (shaft) = 40.85 MW (shaft). Brake 54.4% to Shaft 57.45% of Arleigh burke.
Now to your question of Type-45 seemingly underpowered than Arleigh Burke, the draft of Arleigh is 9 meters will Type-45 is only 7.3 meters, this means Arleigh need much more power to reach the same speed because there is more water for it to push away than Type-45. This is only about maintaining the top speed.
In case of acceleration (may be even more important than top speed), due to the advantage of electrical drive, a lower rated electrical motor can out perform a higher rated GT set because Arleigh's propeller runs at a much higher RPM which is much lower in efficiency in converting its rotating power to forward power. It is similar to a high powered car trying to start from stand-still on a muddy ground when the wheels just spin wildly without moving anywhere, while a low powered car turning the wheel slowly without slipping.
Arleigh would not need that much power if it uses IEPS to maintain its current performance. In a way, one can say Arleigh is over powered. I think 055 was called "over powered" in this thread for the same reason.