"You are right on the slipping schedule. Soon now..."
I'm afraid a lot of us have now reached the stage of not believing any expected release timescales, given the number of delays.
This all comes on top of the fact that there was no Exchange release corresponding to Windows Server 2022, which there normally had been with previous server releases.
And some of us only actually need it to manage hybrid deployments with EOL mailboxes - MIcrosoft could easily have created a set of lightweight tools to do this, but hasn't and still requires a full Exchange server (I am aware that Powershell is a possibiity, but this is not an efficient method for the sort of one-off quick changes that most admins will make fairly regularly, e.g. adding aliases to mailboxes, hiding mailboxes from the GAL, etc).