I think there are plenty of examples where that did not happen. Majora's Mask, Wind Waker, Spirit Tracks, A Link Between Worlds. I'm not saying it's not possible, but they have the world built, they have the assets done (for the most part). Unless there is a very large departure when it comes to the world I couldn't see how five years wouldn't be enough time for them.
Worth noting that many people made that exact same argument for why it would launch in 2020 when it was announced in 2019. "It's the same map, same engine". That sure went well.
But I think it's more likely it will launch in 2022 than not.
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