Nah, if they actually got it into production as they started to make teasers for it, they'd likely get some version of it working for PS4 and Xbox One. The first teaser for it was released on 2013, but development only started on 2016. I'd scratch it to poor management more than anything. Sony managed to keep releasing pretty impressive games on the PS4.
It also comes to mind that the versions on PS5 and XSX weren't even the "next gen" versions proper, they were the ones for the previous consoles that just happened to run better on newer hardware. The proper next gen update only came months later.