I think the effects of COVID throughout the industry were more than just delayed games.
You had downsizing, permanent closures, and deaths. The smallest developers had it the worst. The largest ones that were “too big to fail” have mostly adapted. The industry has mostly acclimated to a post-COVID world, but the economy, household consumption and the greater gaming audience still have yet to accept the new reality.
Big gaming years were still rare pre-COVID. Ballooning budgets, working conditions changes, industry strikes, etc. are what are the most prevalent issues affecting gaming right now. You see less hype cycle in the years before a game releases and more in the months leading up.
E3 is dead. We are living with a same animal but a different beast. Looks the same, behaves differently now.
It’s been more than a decade since you got a sequel to GTA or Skyrim. That isn’t just COVID. There’s more to the story, but yes on the whole, COVID is no longer the primary reason you are seeing a gaming drought. It is still however a strong undercurrent for the issues that a lot ongoing currently.