It's still not the actual final chapter. The Dev is going to/went to Futaket, an industry show for futa doujins and stuff. He wrapped up what he had finished into a 'game' and is selling it there. But it is in no way finished, it in fact only has a hub zone where you click each chapter you've unlocked. I suspect this was pushed out because he needs to make at least some money off selling it and his deadline is well-past already.
He released it over 2 months on his ci-en and fantia, and it's still missing a full page of CG at the end and 1/4th of the chapter selection grid is unfinished. So basically it's 75% out. Unfortunately while the CG is still top notch the content is not quite as good this time imo, but the final quarter of the game should be the best stuff, so we'll see.
Edit: It's also just sort of a lie. There's 2-3 scenes he's previewed over the last 2 years that aren't in this release at all, involving the nurse character. I suspect those are for the final chapter/area of the game so he just omitted them, but it is yet another in a long line of shady moves he's made with this game, and its pretty glacially slow pace at this point. There's virtually no gameplay in these games, it's nutty that it's taking 3 years between chapters
I completely and honestly agree with you, it pains me to say this, since I followed Circle Sigma ever since someone translated Witch Knight Anna 1, he's already past the deadline of chapter 4 not once, but twice if I don't remember wrongly, along the lines of 2022, then october of 2023, and now on april he released something, while I ain't complaining about him releasing something finally to keep hope on their product, and I understand they need to finance their work (they have a life), there are others that make hentai games, take Shiganoma for example (he focuses on sissification, futanari and femdom) but releases a playable version of his games at least once every month, and keeps his fans and the playerbase notified of his moves... On Circle Sigma, they release updates on how the progress is going around the end of the month, recently they gave us this demo, yet I completely agree with you, plus just thinking on the grind that it'll take and the tedious amounts of lore that'll be added to certain parts, it makes it worse (I remember on Chapter 3 where the two girls had such a long lore stuff that you NEEDED to complete to get to the next stuff on the main story), I'm pretty sure that the cherry on top on this game, will be that Witch Knight Anna chapter 4 will probably be released on JP, and after 2+ years an official english version will come out, the only "good" thing about this is, that if you know how to use auto translators (Mtool, DeepL, or Translator++ to name a few if you know how to use them)...
Circle Sigma's art is peak regarding futanari and corruption, no one denies this, but the long time it's taking him to cook the last chapter makes me think we'll end up seeing this game either near the end of 2024, or at the last months of 2025, and this is being generous honestly...
Edit: I'd personally really enjoy if the battle system he made on Witch Knight Anna 1 came back, buuut, that's probably just dreaming since they went for a more VN approach, 2 choices, good or bad, and that's it...