In E3 2016 they showed Days Gone, 3 years into the PS4 gen. Talk about a slow studio, took them 8 years to make Days Gone as well, it's a miracle Sony didn't shut them down.
From wikipedia, with a Gamasutra interview as source: "full production of
Days Gone commenced in early 2015 and the game's development cycle lasted for six years".
This was being their first open world game, their first home console AAA game in a lot of years and being a new IP. And they were doing it with a team smaller than the typical big open world game. Maybe a year or so over what it was the average back then for this type of game, but normal stuff.
The studio has a long story of games successful in sales and reviews, there was absolutely no reason to shut them down. Days Gone didn't have great reviews but is their best selling game by a great margin. Sony is happy with them, greenlighted them the first project they pitched after it, is working on a movie, ported it to PC and included it in the PS5 PS Plus collection that was a recap of the best PS4 games.
Rumours are that they will reveal a Stealth Game
I'd love it to be true, a mixture of Days Gone and Syphon Filter. I think MGSV and Hitman are great sources to get additional references.
But considering that according to Schreier their current project was greenlighted in March 2021 that means barely 2 years working on it, which I assume means it's too soon to show it. I think they'll wait a couple years more to show it.
But who knows, maybe since it's their anniversary they make an exception and show a small CG concept teaser mentioning they are still in early stages of development and ask to don't expect to see the game until several years in the future.
They have been around since day 1, they made AA games like Syphon Filter and Resistance Retribution
The first Syphon Filters back then were AAA of the time for the first PS. Their portable games like Syphol Filters, Resistance Retribution or Uncharted Golden Abyss were back then some most AAA portable games.