I’d say given the original came out in 2017 and making it for new hardware this is a holiday 2021 title. Possibly mid year 2022. No way this is a launch title, given it took 4 years between Killzone SF and HZD.
Maybe, but Sony will still be able to show games like HZD2 during their reveal and people will go bunkers. We will have to wait and see how they'll compare to Series X's cross gen titles, but I still believe MS needs at least a couple Series X exclusives at launch to showcase their new hardware.