I remember when Elden Ring premiered, Miyazaki gave some answers on the development of the game. It started right after the release of The Ringed City and it was A LOT of work to be done on the game. The trailer was just a small teaser to give hope for fans wanting something similar to Dark Souls, since Sekiro was such a huge departure from their established gameplay formula.
Neither From or Bandai has given any comments on the work relations for the pandemic, but it surely has affected the development. They haven't shared any details on whether or not they plan next gen-versions or if they have shifted over the development completely for the new systems, as that could be reasons for the silence.
I expect this game to not come out before 2022.