My take on the current situation is that the following happened: Odyssey was initially planned just as what it was announced to be - the next step for ED.
Of course the supported consoles where always in this plan, just as it should be. The porting to next-gen was certainly a risk even back then, so there was no promise at first (we all know how FDev's communication policy worked back then).
Then, Odyssey development and release reality hit them hard. What we have now is actually 2 games, and to my surprise it was even hinted at that there are 2 "servers" continuously syncing the 2 galaxies. Which probably costs them double in maintenance. And splits the player base even more.
So now they are between a rock and a hard place. They absolutely must bring it to console, because otherwise they can't do the merger, and would have to run the 2 "servers" with all the problems going forward. All this knowing that whatever they bring to console, they will receive a ton of a backlash for the unavoidable bad performance it will have. And here I'm not talking about people buying the expansion (because I think there won't be much on console, anyway), but about the already established players that are happy with EDH and want to stick with it. I'm pretty sure that FDev knows very well that with the merger those people will be extremely unhappy, because it will - rightly so - be viewed as a forced downgrade.
I believe the best way for FDev to solve this problem is to bite the bullet and polish Odyssey as much as possible, improve the ship performance of the merger client as much as possible, then give Odyssey away for free at merger launch (which is also console launch), perhaps giving some goodies to Odyssey buyers on PC. This will keep people somewhat calmed down, not destroy the company's PR image, and enable them to gracefully shut down the project "Elite: Dangerous" without sinking costs into double maintenance and/or lawsuits.
Whatever it is, I think in the end Odyssey is not the next step, but the last chapter of ED.