Yep
But Nintendo giving a project like MP4 to a studio without an output in 5 years seems very unlikely. And if it was the case, very worrying for MP4's quality.
We literally don't know what is the state of Retro. We will see how soon MP4 comes out and what is the quality of the game. We are a long way off - maybe the bulk of the team that will make the game is being hired as we speak.