New evidence seems to indicate Sega is developing a new Sonic fighting game via a new listing
https://xcancel.com/gamescage_/status/1887722311849050292?s=46
TLDR; Fadel found a listing from Sega stating, “We are looking for a development staff for a 3D Battle Action Game,” and within it, it lists sending the applications to Sega’s 2nd Development Department. This is also known as Sonic Team.