FFVII Remake is being talked about by everyone and I'm not even in the FF community circles anymore. And so far everyone I know that has played it has enjoyed it, and those that have seen stuff are excited. I don't think it'll get any cancellations because as far as I can see it's going to be a commercial and critical success.

As for when the next part is released, I agree with Lev, I'm hoping for two years at most between them. I think now that they have the battle system, engine, etc. down and they even know that people enjoy what they're getting, they have no reason to really delay other than the padding of the story etc. Even with XIII series, they changed battle system and the entire 'style' of gameplay each time. This time they don't have to worry about that. It's more like Tomb Raider games, but even then they have less work to do because in Tomb Raider they had to write up the next story from scratch each time, and most of this stuff is already done for FFVII. TR games took about two years to release. They probably had to wait a little to start the next games each time, too, I imagine. In this case I expect the work - regardless of what Kitase says - is already at least somewhat underway for episode 2.

Porting to PS5 might make it trickier, but my understanding of PS4/PS5 is that they are both far more user friendly than the PS2/3 were when it comes to porting and engines etc.