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twintail said:

You're right, but is this team really getting much done lately? I'd hope a PS2 emulator (and a Vita one) appear this year at the very least. ANd I think Nixxies skillset has lateral movement over to helping.

Nonetheless, I'd rather PS3 BC rather than PS3 remasters. I'd actually prefer Nixxies to work on PSVR ports to PS5/ PC than PS3 remasters when an emulator should be a viable option of sorts by now. 

I am assuming that these things take a lot of time. And I doubt that Sony has a lot of people on it or anything.

Zippy6 said:

Aren't all those PS2 on PS4 titles like Dark Cloud etc using emulation? So they already have a PS2 emulator that works on PS5 they just haven't released nearly enough games that use it.

With a jailbreak PS4 you can use the emulator with any PS2 iso apparently but compatibility is hit or miss.

https://www.psdevwiki.com/ps4/PS2_Classics_Emulator_Compatibility_List

Yes. 
There's been some suggestion that Sony is reworking it though.

Despite pushing the Premium PS+ tier, Sony has yet to put out a new PS2 game. PS1 and PSP games have been the only ones launched. 

I think it's obvious they're working on it, they've even updated the PS1 emulation early on.