Yeah I thought it was going to be release this 2021 but looks like no I wonder why did they pulled out tho?
Likely it's either they bit off more than they could chew, money issues, simply lack of hired help, or quality control problems.
Now unlike other games where updates are "massive" part 3 is suppose to sum this all up and I could be wrong but there is suppose to be an ending for every girl kinda like the original, every girl gets at least 2 h-scenes, and lots of extra features will need sorted out.
Unfortunately this takes time... And time isn't cheap.
Along with this they also released a few other games which was mostly a quick injection of cash. What was it something like "Erotic Trap Dungeon" and "Encyclopedia of Tentacles for boys". I could be wrong and these could be super popular but they didn't look that interesting to me and besides the "oh, this is a thing" I haven't heard much more news about them. Mostly small quick cash grab projects. The collaboration project was pretty much a promotional ad for them along with a few other artist. Nice new features sure but a dlc dungeon is less time consuming than a whole chapter.
Torotoro has been known to work with freelance artist before and well given the state of the world some might not be cranking out artwork as fast as he hoped, they got overloaded with other work, or are suffering burnout. Sometimes he can write like a mad man and add interesting features that likely are as much work for the development team as the translators.
For those that haven't been following the game development any new features they add have added new bugs. While some bugs have slipped though the cracks I'll assume they try testing their game before release and given the size well quality assurance testing takes time and can be a mind numbing job.
Since they didn't drum up hype for the holidays I'm assuming it's not close to done. Or it could be a marketing strategy as if they release it while lots of other games are being hyped it cuts into their share so could just wait until more attention could be focused on them.