Well... you mean they could have released Odyssey for Nintendo? That's a console too, right?
No, they were very specific:
Odyssey was supposed to be released only for PS4/XB1 - even tho EDO launch happened 6 months after nextgen consoles were released
Initially they said they dont have any plans to release Odyssey for nextgens, later on they switched from "no plans" to "nothing to announce"
So what they canceled is the PS4/XB1 console version since this was the only version ever announced.
It's like PS5/XBSeries does not even exist from the perspective of Elite gaming universe. Which is weird imo, but that's how it is
Now, regarding the future of Elite, my own speculations goes like this:
a) they manage to polish EDO code good enough so it can run stable on PS5/XBX at 4k/60fps (even if only in
performance mode with reduced gfx quality) and we will get back the console version (maybe sometimes next year)
or
b) they keep milking EDO as it is (PC only) for like 1-2 years more, running with a small team and on a very tight budget, then eventually shutting it down sometimes by the end of 2024, by the game's 10th anniversary
Currently it seems they're going for b) but i'm not excluding a) even tho it seems rather unlikely.