The problem is that there is an unnecessary mental load for users during this user experience when they have to process "Ascending" vs "Descending". These terms are simply not natural in context of anything outside of a physical direction that gives relative context.
It can be readily argued that using "Ascending" and "Descending" for any of the Sort functions presents a challenge any user outside of a software developer... And even for software developers there is an additional measure of processing that is needed.
So while Recency is good, the Ascending/Descending should be modified to convey natural meaning. I would also challenge your UX team to expand this thinking for the other functionality as well so as to improve the product and UX further...