Shin Megami Tensei V was announced quite some time ago, but we haven't really heard much of anything on the game's development since that reveal. Some fans were starting to get worried that the game has been canned, which lead to one Redditor reaching out to Atlus customer service about the game. Surprisingly, an Atlus rep responded with a very definite answer to his question.
The game is still being worked on. Any rumors about Shin Megami Tensei V being cancelled are made up.
We all know how it goes with customer service reps from time to time, so we can't take this comment as 100% accurate. That said, we have no other reason to believe anything different at the moment.