This isn't cancellation, this is fair warning. Molyneux has an extremely well documented pattern of outright lying about his projects. He's told what are in retrospect outrageous lies about every single game he's worked on for decades. And he admits "exaggerating" afterwards and asks for forgiveness, and then goes and does the exact same thing to build hype for his next game.
This isn't a case of "we were too ambitious and had to cut things." This is a case of repeatedly promising outlandishly ambitious things in press appearances which were never on any internal development roadmaps.