There was a very long thread about the size and the scale of this new Piko loco on the German Large Scale forum.
The narrow gauge version is actually a bit on the small side - Hilbert in Germany offers this loco in the correct scale.
Here is a picture (from Buntbahn forum I think) of the Hilbert one next to the LGB 2015 which people are familiar with.
True, and the same discussion on the GSC thread. I would say that the Piko model gives the "flavor" but avoids being physically "too big" for most garden railways. Your photo sums it up very well. While correct, it almost looks too big...