Pretty much. RE2, RE4, RE5 and RE7 all had their first versions scrapped. Well RE5 was reworked, not scrapped per say.
To add to this, RE1 itself was actually scrapped and reworked part-way through development (RE1 started as a SNES game, then came to PS1 as a remake of Sweet Home, then at one point was about ghosts in a virtual world, then became the RE we know today, but there were still scrapped concepts to the final, some of which returned in REmake, others were left behind like the scrapped S.T.A.R.S. members).
RE3 was something else originally, but that got scrapped and replaced with what was originally supposed to be a spin-off title (but made more important and expanded when made a mainline title).
Revelations 1 had a scrapped version.
Revelations 2 was like RE5 where it had a scrapped version, but it was more reworked than it was scrapped.
This series has a long history of scrapped versions, partially due to how they evaluate things and have a lot of creative freedom. For the record, REmake 2 was not scrapped, though the team did decide to rework stuff, but this is closer to what they did with RE7's final version. RE7's opening hour was scrapped and redone at one point, in a similar fashion the Raccoon City segments of REmake 2 were scrapped and redone at some point. This isn't a whole scrapping/rework, more a... Normal game development rework. The reason for RE7's and REmake 2's openings redone is a similar reason though they're very different in content, the team thinks the beginning of the game being memorable is important, and in both cases they thought they could do better than what was nearing completion, so redid it to up the quality.
If you were ever curious why this series has so many scrapped games/ideas, the reason why is because the smaller team initially working on the project (the smaller team making it as a larger team focuses on the release before this one) has about a year/a year and a half (sometimes more) to work on a game with a lot of creative freedom. Towards the end of that, another project finishes and more people are put on this project, and around that time the big wigs (series producers in this case) take a look at the progress on the game, and decide if it's good enough to continue with, could use some work so to rework it, or to scrap it entirely, previous guy loses directorial position and a new director is selected. Usually a RE game takes 2-3 years to make at its current rate, and usually there's two 'core' RE games in the works (not including remasters and such, which are handled by smaller teams), but it'll take longer if the game is scrapped/reworked. RE7 was majorly redone (the original concept was a third-person game set in a fictional European water city based on Venice which featured RE6-esque combat and a water-based virus, including an increased environmental focus and water-based weapons, and crucial 'choice' moments sorta' like RE3/a TellTale game where time would slow down and you had to make a crucial choice that's affect your path through a level/the story). That got scrapped, and then came the RE7 we know, but that's why there was such a long period of time between RE6 and RE7, well that and some other Capcom mishaps at the time like Deep Down. REmake 2 in comparison is coming so quickly because it was never scrapped, so it's been coming along nicely and will release pretty soon. That's what I meant by the RE8 comment, if the current version goes through we'll probably see it in the next couple years, but if the current RE8 version gets scrapped then we probably won't see it for a few years. It's period of being judged to go forward or be scrapped is probably pretty soon actually as this usually occurs close to the release of the next big game, as REmake 2 work is wrapping up likely more people now working on RE8, and will probably choose if the current version of RE8 is good/should be reworked/scrap and start all over with a new director soon.
It's the same engine as RE7 right? Then it should run well on hardware that runs RE7 well?
It's running on the RE Engine, but it's a much updated version of the RE Engine since RE7.