Yes, we can see that over time the Hong Kong identity has been rising, especially in these times when the pressures are felt more. Among young people, over 80% now completely identify as Hong Kongers, not Chinese at all. They even try to ethnically distance themselves.
There is often the idea that their core values are very, very different from those of mainland China. As you said, there's a different language, which is very important, a different historical experience and a different lifestyle. These all come together to create this Hong Kong identity. A lot of young people have this memory, through their parents, and now this has all been destroyed by the Chinese influence.