when released?

We are making slow but steady progress, pretty much as predicted. It is probable (but not guaranteed) that the pre-alpha2/alpha/delta-omicron (whatever you want to call the next "version") will be ready this spring, but that depends on how much the community kicks in, and how much time the VOLUNTEER main contributor(s) can find to work on it, outside their regular jobs.

A fair bit of progress is evident from the CodeIgniter 4 user guide.

Back to your last point ... we do not have timing of the final product. You are the only one hwo can decide whether you should wait for it.