I think you're probably right.I've said this in the staff chat I'm moving towards this being somewhere else.
Think about it for a moment. They were pitching Shenmue 4 this time last year so they've had a year maximum to do any sort of work, assuming it was that.
I don't think it would be ready to show off at that sort of event.
But if a deal HAS been made and the game is in active development, it wouldn't be totally unrealistic to hope for a simple: hype video, S4 logo reveal and an announcement that it's coming type affair?
There's nothing saying the first announcement needs to show much at all. The fact that its been greenlit would be newsworthy enough imo