Some people over at ResetEra pointed out that London Studio has recently erased any mention to VR in their website:
Old (October 2020)
New
Old
New
Also, Stuart Whyte (former director of VR product development) is now Sony London's studio head:
Before
After
Interesting stuff. Maybe y'all are right and the "unannounced PlayStation 5 title" mentioned in the following LinkedIn profile is indeed a console game and not a VR title:
Combine all of that with the recent
SOHO ENGINE trademark by SIE Europe and, wow, it kind of looks like London Studio could be returning to AAA console development.