It is not a demo.
But if you want somebody from Epic else telling you that instead me:
"...To be clear I get your feelings as an end user, but this is an engine sample for developers primarily to help them learn how to build their own games. Please try and keep that in mind."
True all of the posted, but with the one caveat: they released the full "Matrix Awakens" experience on consoles, yet for PC, there's no equivalent release but for this City Sample developer project file. So to get that experience of having what Epic describes as "a vision for what the future of interactive content could be" on a device that you own, you have to go through this developer process (which isn't as easy as it sounds, even though UE5 Engine/toolkit is free and readily available) or else get a compiled build from somebody else.
This is not a demo on PC, but it
is a demo on PS5 and Xbox Series.
So, it's a little weird that PC gets a "lesser" experience right now, (even though the PC community at large gets a greater experience overall with the available build and the possibility of modified/optimized versions of this project file compiled to check out as time goes on. Maybe somebody will even take the time and remake the opening and/or freeway chase as a UE5 project of their own?)
...Can't fault us kids for being excited for this new toy, even if this is technically not a toy, it's a set of keys. Shiny, jangly keys...