Is it normal for BPM software dev teams to not be close to their project after almost 4 years?

Disclosure: I’m going to be as vague as possible about the project since I’m naturally a paranoid person lol. I’m also 1 year removed from college.

I just joined this team recently and they’ve been working on this project since 2018. It’s a BPM application. There’s a ton of functionalities that are supposed to be complete but doesn’t work properly, a brick load of technical debt, and still at least 1000 tickets in the backlog.

Version 1 was supposed to go live before 2022 but I can’t see that happening even before 2023. This application is huge and there’s so many things that need to be fixed and worked on.

Is this normal in software development?