Exactly this. We don't know for certain how much time they spent developing it before release, but based on the timing of Witch Trainer scaling down, it can't have been long at all. But even if we give them the entirety of the benefit of doubt, that means in the last 7 years they've basically completed what we see now as the "new plot," which is scant on content in even the most generous of the definition of "content."
It's funny you bring up Selebus, because that was the game that made me realize just how slow Sad Crab's development was. I realize it's almost not fair to compare to Selebus, since he is the platinum standard at this point, but experiencing his game showed me there were more reliable games out there. While none of those other games are on the level of Selebus, they offer more than 2 new frames every month.
I was team "20-dollar monthly subscriber" on Sad Crab forever, but legit, every time I checked in on the game there was nothing new outside of a redone scene or Live2D remake (which is something even a person with my shitty coding/assets experience can get done in a 1-3 days, solo).
They're absolutely milking it. And you know...that's fine, I appreciate the hustle. But they can't pretend like they're not milking it--the Patreon hentai maker hustle is starting to unravel.