I don't agree. There have been many times in Morrissey's post Smiths career when there were no plans for any tours, no evidence of new songs and no obvious prospect of a record deal.
At the moment, we only have one of those three i.e. no immediate prospect of a record deal.
He's been touring loads in recent times and he's recorded a lot of new songs. Even Alain Whyte's shock departure was recovered from surprisingly swiftly.
The thing that's holding back the record deal is Morrissey's reluctance to accept his current commercial clout.
It's not too small for a record deal - plenty of other acts regularly put out albums that sell 5,000-10,000 (in the UK). But pre 2019, he would sell 30,000 to 100,000 pretty reliably and he's expecting a deal that an artist of his pre-2019 commercial stature would attract. Hence the impasse.