Well unlike the film industry, not every problem is solvable with time and money. Sometimes a game feature is too ambititious and too innovative, and there's just no way to make it work within the hardware constraints if they can make it work at all. Sometimes a gameplay mechanic that the game was based around is plain isn't fun no matter how much is tweaked. There are unsolvable problems where the only real solution is to not do them, and to fundamentally replace them with something else that may or may not solve the problem as well. Sometimes it's a very cuttable feature like an extra game mode or an optional setting, or weapon. Sometimes its super critical and then you're fucked, and your whole project is fucked, and there is no saving it.

The only time the film industry really faces such similar problems like that is when actors die, and even then they can get around it most of the time, especially with CGI - even terrible CGI is a solution no matter how bad it is.. There's no "CGI bandaid" that can fix, say, a climbing pathfinding mechanic that doesn't actually bring the player where they intend on going 80% of the time because of a fundamental flaw in its design. You can't "good enough" that without your game still looking like a buggy, unpolished piece of shit.

There's only so much planning you can do before a project quite literally

Don't underestimate the work that goes into making a big movie, which also involves a lot of programming nowadays to get the cgi done. At least with games you don't have to deal with the weather. For example filming of The revenant had to be completed in Argentina due to lack of snow in Canada. The difference is, movies aren't shown 2 years in advance as the next big thing promising all locations and what not beforehand.

Hardware limitations are specific to games true, yet those are known constants. The push for ever better graphics has become a liability. Adding an unplanned multiplayer mode, move control scheme, ps4 pro enhancements, psvr additions, is it really worth the crunch? Adding things late in production always causes headaches. It turned out great with Goldeneye, yet it was still irresponsible and set a precedent for bad development style.

That's a big difference between movies and games. With movies the creative phase comes first, script, storyboarding, then executing. With games it's all going through eachother. Uncharted 3 started as a bunch of set pieces with the script tying them together pretty much coming last. No wonder time management is a big mess in games development. Ofcourse you can still run into problems with a strong script and vision as TLG simply could not be executed. Best is to stop showing off games way before they are ready and either cut or delay.

It's different for each person and company.

True. The last guardian still made it though, but that's the exception, 99.9% of developers don't have that luxury. Everquest Next simply got cancelled for example. The film industry has those problems too yet they're better at predicting what can and can't be done. Rendezvous with Rama movie was waiting for tech to advance far enough (since 2003), although last news was problems with the script.

Don't developers make mock ups anymore of gameplay before production? Just like animated story boards for movies, I would think games can benefit from sketch like gameplay testing? Unforseen things always happen, plan for it to be ready well in advance to have a buffer. It seems game development nowadays is relying on the day 1 patch to keep going right up until release date.

It's different for each person and company.

Wouldn't the delay still be the fault of the developer/publisher for announcing a date. More games should follow the Fallout 4 method of releasing. 

In terms of announcing and releasing.