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It seems that Xbox launching their own handheld is the reason why they took the decision not to port their games to the Switch 2, and it seems they are even abandoning the CoD agreement because of their handheld as well. Basically they are in direct competition with the Switch 2 and don't want to use their games to make Switch 2 more appealing vs their own handheld.

Activision were probably one of the first studios to get lots of Switch 2 devkits given that Nintendo likely wanted CoD to hit the launch window of the Switch 2. So Xbox instead moving away from that agreement and launching their own handheld puts Nintendo in an awkward position, because if those devkits were sent to other studios instead of Activision the Switch 2 could have had more major third party releases coming out during the launch window of the system.