Was most likely "in development" just for Tim Langdell to show that his Edge studio was active
That's exactly right. In order for him to keep the "EDGE" trademark (so he could keep suing people), he needed to show that his studio was actually real. So on his website he claimed games like this were in development and "coming out soon". He went as far as getting "Racers" rated by the ESRB. But in reality there was no game at all, just a logo on his website. And his company is just himself with no employees. His actions were pretty ridiculous.
After doing some research, it turns out this game was released on the PC: