In a rather insightful question and answer post on PlayStation Blog, Hermen Hulst, head of PlayStation Studios, commented on a number of things, including further confirmation that Horizon Forbidden West should release this holiday season.
So we have, currently, two very big, very narrative-driven games in development: Horizon Forbidden West and the next God of War. And for both of those, they’re frankly affected by access to performance capture and talent. For Horizon, we think we are on track to release this holiday season. But that isn’t quite certain yet, and we’re working as hard as we can to confirm that to you as soon as we can.PlayStation Blog
As we get closer to the holiday season without a release date a delay seems increasingly likely but hopefully the insistence of a 2021 release will turn out to be true.
On a high note, in an interview with Julien Chièze, a notable French YouTube personality, Guerrilla Games confirmed the PlayStation 5 version of Horizon Forbidden West will have a performance mode that supports 60 FPS.