Too bad ND wasted time on Factions. PS5 already suffered from the long cross gen period. I was expecting two games from them in this generation. Can they achieve that?
They didn't "waste" time on TLOU Online. Even if TLOU Online never existed, we wouldn't have gotten a new game from ND by now. We know that TLOU2 was an all hands on deck situation and they were not able to do their normal pre-production work ahead of time before it launched. Under normal circumstances they would've been able to jump from TLOU Part 2 to the next game relatively quickly, but since there was no pre-production work done that upset the entire flow. That means that concepting and pre-production began in 2020, and from that point it's typically around 5 years for a game to ship.
What TLOU Online (and the smaller remaster/remake projects) did do is allow Naughty Dog to break the cycle of layoffs between major projects and to get their tech and employees updated for the current gen so they'd be able to work out the glitches on those smaller projects instead of working them out while in the middle of dev on a big new project.
So no, TLOU Online was by no means a "waste", it still helped Naughty Dog and didn't stand in the way of us getting another new game at all. Plus of course the knowledge and lessons they learned during the pre-production of TLOU Online can be carried forward into future projects.
As for whether they can pull off 2+ games this gen, sure they can. While we know Neil is working on a new game that isn't TLOU, I have no doubt that pre-production on TLOU Part 3 is underway so that they'll be able to jump into that once Neils game ships. We know from a ND employee that pre-production is typically 2-3 years and full production is about 2 years, so even if Neils game doesn't ship until 2026 we could still get TLOU Part 3 by the end of the gen.
At the same time there's the question of a new Uncharted game and whether ND might be going at it solo (maybe under Shauns leadership) or might be working with another studio like VASG to get it done. We know that they were initially working with Bend on the new Uncharted until Bend asked to do their own thing.
So yeah, I don't see why there's any issues with the idea of ND launching at least 2 games this gen.