That would not have been possible, not with the specs we see today. And I don't think anyone would want to see PS5 with GF 12nm chips in it to be perfectly honest. As far as Zen3 and RDNA2 go, I agree that AMD shouldn't be taking this long, but they obviously want to sell through their current-gen products just a little longer.
Given AMD's language of desktop RDNA2 coming before consoles, I'd say there will be a major announcement in the next 45-60 days. I feel like consoles will be a November or December launch because parents will be more inclined to make it that one amazing gift for their children. Especially given how 2020 has played out. The psychology holds up.