It’s been held back for a full year and the rumors/leaks from when it got pushed out of 2022 was that it was in about the same state as their games usually launch in, but the higher-ups were worried that someone would make a viral youtube compilation of bugs (cyberpunk being an obvious example) and have their flagship title turned into laughing stock.
IIRC spaceflight was something mentioned as working well but looking really jank, so they spent time fixing that as well.
I expect to encounter many bugs still, but hopefully nothing like fallout 76