I think the projected return of investment is too small for that. If I understood their reasons for the console sun-setting right, they simply can't get their current code-base up to speed for this feat easily. I guess ED on consoles is as dead as ED on Mac, at least I wouldn't hold my breath.
Not everybody can pull a Hello Games.
That was true at that time as they couldn't get Odyssey running acceptably on PS4 and XBX, and in the first year or two of the PS5/XBS the numbers of consoles in the wild was too low for it to be commercially viable, even though it would certainly work on those systems.
2025 will be they year most console normies jump to PS5 and XBS, because this is GTA6 year, the numbers of consoles in the wild is already decent and is going to go up substantially (even if GTA6 is a terrible game).
Again, my point was that they have the staff for this that are already experienced in working on ports for these systems, FDev have games on PS5/XBS right now, so this isn't a situation of a single-game indie developer having to heavily invest in hiring new people or learning new skills, it's about making the best use of the resources they already have. This is a project that would take a few months of development time, not years, and they could go the digital-only route if they were worried about low sales of physical copies cutting into profits.
EDIT: (That's not to say that there aren't good reasons why they wouldn't do it, but those reasons would be related to future plans for Elite, or to other projects those staff can be working on, rather than the current state of Elite at end 2024.)