Yep. That's exactly what it is.
When you add everything up, we have ourselves another Final Fantasy XII situation going on here.
Sounds to me like PR trying to sound relatable to the English audience, this is how these people talk, I've seen English representatives on their YouTube channel and with FFXIV and they talk like they did in the notice here.
When you have everyone including the creator of Final Fantasy saying that things are taking too long, you need to make some changes. Again, the blame isn't all on Nomura here for the development of XV taking so long. We already knew that Nomura was going to work on KH3 after XV was done. Nomura will still be in the credits for the game, all of his core work is done.
Is it possible this is some huge situation that of the likes of XII? Yeah... but at the same time you have to also realize that Square Enix needs to get their shit together and release these games if they want to keep the console market alive in Japan and restore faith in their company and the FF brand.
They're definitely not going to drop Nomura especially after KH3 launches, as KH is their second biggest IP next to Final Fantasy. Nomura brings much more to the table than just XV and KH, he's done countless design work throughout the years, XV took too long, it's time to speed the development up on these games.
This is how I view things, it's obvious people have differing opinions here.
If Nomura suddenly develops health problems, then I guess we should worry.