If they are burnt out, why not come out clean and call it a day?
Alternatively, there's a chance they've been totally honest during these two years and you just choose not to believe them anymore even though they're telling the truth.
My guess is they've finally started working on it again/are nearing the completion levels they claimed to have back in January. That was right around when Nuts said it would be done in a couple of months, as I recall.
I don't think they ever said that, but in any case they did have the update done by early April. It's just that it was a rough update that needed some serious polishing work, including redoing several things from scratch.
I really, truly don't believe a word these guys say, but even if I did. A month or two for 'playtesting' is ridiculous. Triple AAA studios launch entire games that play for dozens of hours (BG3) with less play testing. This is a single chapter of a completely linear, Ren'Py game. You could test it in a day with time to spare.
Again, it's not 2 months of playtesting. Playtesting as in 'take the whole game and test it thoroughly, playing the events in different order from start to finish and without skipping texts to see if everything works fine under any possible combination of routes' only takes a week or less. They are editing and redoing artwork and dialogues that didn't feel right when they playtested the update's first draft back in April, including creating some new scenes, all of which forces new changes in other scenes and dialogues to fit this new content, then testing it again, rinse and repeat. Not to mention they never had the whole day to work in the game but only the few hours they could squeeze in while taking care of their little children (unlike previous updates, this time they've been unable to work simultaneously, meaning 8 real time hours didn't translate into 16 working hours). They are now on the last stretch and are willing to break their rule of never giving any ETA, which only can mean they are confident enough this won't take much longer now.
Of course, the first part of this comment replying the other guy still applies.