Unless the game only has 2 years or less left on production I have to full on disagree with this. SE PR has had a history of revealing stuff far far too early. The last thing any logical person wants is another FFXV level PR disaster.
This was back in April 2019, which itself was just something that was posted on the first day of the new fiscal year and could have been something that happened internally at an earlier point.
"The project has already completed its initial development, has finalized the development environment and is now moving into full scale large scale development.”
https://www.jp.square-enix.com/recruit/career/BU-BD/3BU/
It's been 1 year and 5 months since then, almost 1½ years of actual "full scale large scale development" after a pre-production phase had ended, even if we look at XV that had 3 years of actual "full scale large scale" development after its pre-produciton phase ended in 2013 by the time it released, only difference is when XV was revealed to the public in 2013 that was at the very end of its pre-production "prototype" phase and right before the full scale large scale development phase. If the 3rd Divisions new project/XVI were to be revealed now, it's already been in "full scale large scale" development for about 1½ years, and it wouldn't have the baggage of having like 7 years of pre-production stuff shown to the public before hand like XV did. They could very well show its first ever trailer, be it a CGI trailer now and with gameplay shown later, or even a trailer interspliced with CG clips and gameplay clips, and it could even very well release around 2022.
You know the FFXV TGS 2014 trailer? That entire trailer and everything shown in it was made from scratch only starting July 2013 onward, so that was around 1 year and 2 months of work from the point of actual "full scale large scale" development on it began from scratch. Now imagine if that was the first ever trailer for FFXV ever put out, and then the game released 2 years later. Essentially if XVI were to be revealed now, if it really does turn out to be 3rd Divisions new project then it should already be at a showable and presentable state much like FFXV was at in 2014, so XVI releasing sometime in 2022 doesn't really seem that farfetched to me.