New game engine for 24?

I am thinking like i have heard that for 24 the old console generation support would be dropped. Does someone know if this really is the case?

And if it is, could we finally get the long overdue new game engine for f1 series? The games look and feel dated fresh out of release. The games are littered with bugs from previous releases that are copied. It would anyway be time for a proper new game from the ground up. For these yearly releases usually the next game or even two tend to be quite bad and stripped down versions, but the sooner the game gets a new engine, new sooner it can be good again.

(tho Bethesda seems to have been able to properly update their engine for starfield, despite the engine being just an evolution of the same engine they used for oblivion. Could ego be properly updated, or is there just nothing to redeem anymore?)