I guarantee y'all Horizon Z2 will drop this year. I for some reason don't see a PS4/PS5 game getting delayed to 2022.
GOW could be a ps4/ps5 game getting delayed to 2022
However, if it does make 2021, is PS5 exclusive, and is far above and beyond anything else in terms of gameplay and graphics, then that logo and release year reveal was a marketing move but not in the way people thought
3.5 years is a LONG time for Santa Monica who have a development cycle history of 2-3 years (exception is GOW but that was because they had to create the engine)
They would have had several months to assess COVID's affect on development time
Before March 2020, if it was already scheduled for 2021, and they still announced 2021, most likely any delay caused by COVID still placed the game within 2021 since they had since March to assess when they announced in September.
Otherwise other things could be true like people's speculation of Sony marketing to sell units even though that wasn't necessary since the hype was through the roof
If it is beyond anything else, who would care about any of the games releasing until Ragnarok comes?
But if they delay Ragnarok to 2022 and it's cross gen