I feel like all AAA games are developed this way: Not playable till very late. Thats why they generally suck.
While a normal board meeting style development, i feel completely bamboozled by this approach. Indie games in contrast usually start with an MVP, a Minimum Viable Product, to test the basic concept. Then make the basic game loop fun. Then do the rest of the game like maps, sound, graphics, to support the central idea.
AAA do all the graphics and maps and sound and AI first, somehow merge it together and just hope that it will be a "good" game, that it will be fun. Even if there is internal QA or playtesting, feedback gets consequently ignored.
And people still preorder.