Bunch of indie Metroidvanias came out, Bloodstained completed it's entire roadmap, Metroid Dread released and it would be amusing if Metroid Prime 4(which was in dev hell) comes out before Silk Song.
Given the apparent lack of updates I'd say that yes it's in Dev Hell and a guy who no longer is working on Silksong isn't a very reliable news source.
Chasing crumbs at this point. If it eventually releases then great but until then it may as well not exist.
If it turns out they are making a much bigger game then it's clear that it'll take years to handdraw everything as is their style of art direction.