Yes and no, if the initial plan was to have a 2019 launch they would have needed devkits by now, so they assumed the silicone would have been ready
They would need the software SDK by now, yes; which they'll have together with the paper target specs.
The fact of an x86 CPU and AMD -- likely GCN -- GPU means emulating target specs using off the shelf hardware will get them close.
They only need final silicon 6 - 8 months before launch. The biggest issue by far this gen transition will be the software SDK environment which will need to be integrated into developer's production pipelines, engine's etc..
Once the engineering for the hardware is done (and it will be by now) AMD will have provided software tools to Sony/MS to develop their SDKs and get them out to third party devs.
The biggest caveat, however, is that we don't know when the decision to delay to 2020 was made. That we're just hearing about it now doesn't mean that it happened recently. That's a shakey assuption without any real basis.
Going by a listing in LinkedIn, it looks like The Coalition may be working on something else apart from Gears of War 5.
https://www.linkedin.com/in/colin-penty-9512a4/
Obsidian and InXile are also working on separate projects. These are the only Microsoft studios that have anything announced for the current generation. Everyone else is working on something possibly for the next generation, that is unless we see something from Ninja Theory coming in this generation.
Everyone else is possibly working on something for the next generation; the only other title that has been announced is Halo Infinite and if it is a final third of the year launch it will be a cross generation title.
I don't expect MS to be ready to launch a new console in 2019 because they just launched the XB1X. I don't think they feel the need to try to jump the gun either.
Also, if they're intent on having the most powerful hardware like many assume, likelihood of them being able to achieve that while launching before PS5 is extremely low.
MS is going to let Sony go first for sure.
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