Yes in the way that this is actually a continuation of the original's story, and so there may be a few characters and events that pop up, who are kinda integral to the story, and may leave you wondering who the hell these guys are. Team Plasma and its members are acting in response to how they were defeated at the end of the previous game.
No in the way that the main character from the first game is off somewhere else, doesn't get featured in this game, and you're playing as someone else with your own story and motives.
EDIT: Though from purely a gameplay point of view, BW2 is better. There's a fair bit more to do after you finish the main story than there was in BW. Pokemon variety is also wider in BW2, and there are more minigames and sidequests to boot. Hell, there's even kind of a romance sidequest. It's very light on the romance and is essentially just a long sidequest to gain access to free pokemon with their hidden abilities, but it's more than any other pokemon game ever had.