I don't buy that explanation, although most Japanese developers keep saying it.
While it is true more people own the 3DS, I view this as more along the lines, it was cheaper and easier to develop on the 3DS. As it stands now as a late in the life cycle release of a new IP the game has as good a shot on the Switch which given its audience most of which have sampled and enjoyed Zelda, if looking for another adventure/RPG style game would probably have given a boost that it won't get on the 3DS, especially with the Japanese release of a DQ on the horizon to compete with. A more colorful and probably expanded adventure (or about the same and make it a eShop exclusive) title on the Switch would have been a much easier sell in both Japan and other territories.
But most publishers like Nintendo are more concerned with playing it safe, while you might get a handful of risk projects here and there. The standard sequel or safe genre games on safe consoles are more the norm and win out on potential.
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