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ELI5: How are video games that take years for development not obsolete when they're finally released?

Specifically with Rockstar games, RDR2 was in development for over 8 years and was released on 2018 for the PS4 and Xbox One. Both of those consols were released in 2013. So how were they working on a game for a consol that didn't even exist yet?

Generally speaking, video games that come out now tend to be the latest and greatest in terms of graphics and performance, but they take so long to make, how are they not outdated by the time they finish working on it?
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