It's going on five years since the last Forza Motorsport....
Last circuit racer that took five years was GT5 and that...that one didn't pan out too well (took a while for it to get up to par).
Honestly we have no way of knowing, and that's part of the problem. If something were planned, even a game they've shown previously that could be coming out this year, you think they could've at least named them around the time they announced those delays. Why not at least make the mention at that time?
So I'm inclined to think, until proven otherwise, they don't have anything for 2022 outside of the Deathloop port to Xbox. I guess they may have Forza after all and even Gears remake collection, those sound plausible, but even people like Jez and Tom are saying one's delayed 'till next year and the other doesn't exist.
Only good news could be, MS is intentionally misdirecting the insiders. Which they could've done a while ago TBH since they were spoiling secret projects WAY early last year.