This very likely has nothing to do with AE. The particles they use are pretty clearly based on genuine 3D geometry and fractal textures mapped onto the planes and tubes. Looks like Unreal Engine or something like that. In any case, this is nothing that you could create easily in AE even if you were to settle on a strict 2D approach. You'd spend hours upon hours just creating the flowing patterns in the letters/ glyphs themselves, which itself would be a pain due to AE's limited distortion tools making it hard to direct and bend e.g. a Fractal Noise effect suitably. And of course for some variation you would have to do this at least a number of times for different characters. Those then could be fed into a particle system, yes, but that's the other hurdle: The stuff that comes for free with AE is limited just as well and you may need to invest in a commercial plug-in like Particular or Stardust. So to summarize: The effect looks simple and may not be that difficult to pull off in a 3D program, but AE is the least ideal tool and it would be a lot of work. I would really suggest you look into Blender or otehr 3D tools.
If you have the time to learn Blender, then yeah, you could probably get a pretty good result in that, but it might be worth before that having a play with CC Particle World. I've made loads of tutorials showing how to make 3D special shapes with that tool and the fly a camera through them. It's easy enough to paste a path into a 3D null object, then link your particles to that.