It is known tohave been in preproduction hell at some point. I do not know where they at today
Cancelled? No. But it will probably never be truly finished. I can even see an early acces model for it and then heavy GaaS.Ubisoft described it as a "AAAA" title and there's a Netflix movie coming. I can't see it getting cancelled at this point.
All i can say is he has the financials to make that decision for himself