My best guess on the sequence of events with this Avengers Ride.
HKDL was originally slated to have an Avengers ride open in 2023. This was what was originally proposed to the government in 2016. It wasn't fully designed, but it was mostly to get budgeting approval for the eventual "e-ticket goes here" project. However, the funding approval for the project was pushed off from Legco (the local government) and this pushed off all the projects by about a year. In part they were in the midst of a lot of troubles around the protests. Disney acknowledged everything had shifted a year in terms of the castle (2019->2020) and Frozen (2020->21) timeframes. It didn't really mention the Avengers ride timeframe again, but that was so far out at the time.
We heard about various blue sky developments and iterations behind the scenes before the final attraction came together. That Cap coaster probably being fairly real as it jostled around Cosmic Rewinds development and/or Tron.
Ultimately over those three years of development, the Quinjet version of the attraction was announced for DCA in 2019. This seemed fairly advanced and fairly real. There were five pieces of concept art, one of the exterior for where the ride was being built next to the existing structure, one of the queue, one of ride vehicle while as a quinjet and two more pieces after the vehicles seemingly broke out of the Quinjet shell. To me this seems like something slated to start construction (maybe at both DCA and HKDL in 2020) for a 2024 opening timeframe. This feels about right, both with what was expected by Legco from their financing and for DL that had already announced MMRR, which would be the focus a year or two earlier from a marketing perspective.
Bob Chapek basically took the hammer to everything that wasn't started or desperately necessary with COVID. It seems the UK attraction, the Epcot table and Avengers attraction were those major things; along with WDSP's subsequent phases.
It then seems like Chapek reapproves some sort of necessary expenditure in time for D23 2022. UK remains cut, but the Epcot (highly modified) was required as they can't just leave a missing piece of the hub and Avengers projects are maybe required to re-budget and start over. The Avengers ride specifically because there is a commitment to their HK government partner to make it happen.
D'amaro desperately tries to put together a D23, with essentially nothing in the pipeline. So we get a very early announcement for the new Avengers ride in 2022. The trouble is that's not really explicit and we're all left wondering what is happening, despite it maybe being about 6 months into development generously when it was re-re-announced.
This is all a very hopeful way of saying I think this ride is real still. Because there is money that is not Disney's on the line. But it absolutely cannot reappear at this D23 without something firm and more hopefully active construction at one or more of its sites.