I don't know when the next-gen consoles will release, but when it comes to the games, the next-gen gears are definitely still in motion. I worked on the localization of one just today in fact.
As for PS5, and this is just a hunch so don't take it for granted, but even without COVID-19, I doubt we would have seen much more of the PS5 by now. Sony has two huge PS4 titles coming up still, one of which has the potential to be their best-selling and best-reviewed game of this gen, so I don't think they're in a hurry. I still think we'll get a blow-out in June.
Also, I like the Switch but the best games machine is easily the PC. 4K, 60 fps, raytracing, free online, PC Game Pass, mods, cheaper prices, high quality VR. God, I sound like a Master Race wanker.