It's unknown right now but based off the history of this project if an update does eventually come it will be a long time.
The basic rundown (if you don't feel like going through all these pages) is the creator is often lazy and unmotivated.
This project has been going around since about 2016. I wasn't there from the beginning (thank god) I only got in around the time that the steam prologue was released about 2 years ago.
Supposedly a good amount of progress was done on this in the first couple years, it gained a lot of popularity and Patreon subscribers but the updates got slower and slower to the point where the amount of new content released in 2020 was really weak, failed promises and deadlines not being met which is bad considering the fact that he earned something like $20k a month? Basically he became unmotivated because he's already made a bunch of money, gotten a lot of praise and has been working on it for so long that he lost motivation.
He froze his patreon in late 2020, returned a few months later and then a couple months after that supposedly Patreon contacted him asking him to make changes to his game to meet their terms and services, something to do with Faranne and Ara being sisters and incest even though they're not biologically related (and it's fucking animation, not real) He posted a message about it as his last post on Patreon and has made his discord open and the latest version along with the Halloween build are available to download from there in the #Updates channel. He's said that he'll still be working on the game and that he's considering splitting it in two parts and finishing it possibly with an epilogue after chapter 5 and working on the rest of it as Part 2 with the updated unity engine.
There will be no more progress updates and he refuses to get someone else in to help speed up the process due to 'doing it on his own terms.'
I want to see this game finished because I have a real soft spot for it, it is unpolished in a few areas but to me this is still a high quality game. In terms of 3D, fully animated monster girl games this sits far above anything else and despite what those on /mggg/ will say it is hard going back to autistic, low res rpgmaker games right after playing an immersive first person, fully animated 3D game like this. There's a lot to like about monster girl island, It seems the main thing holding it back is its creator.