It's not a full-fledged game (yet), it's more of an open-world sandbox that lets you explore some of the latest features and capabilities of Unreal's latest engine. These engine reveals by Unreal have gotten progressively bigger and wilder as the years have gone by, so teaming up with the 'Matrix' team ahead of that franchise's own long-awaited update just makes sense.
As such, it definitely looks pretty damn cool, and new-gen Playstation and Xbox players can actually download it for free and play through the sequence from this video themselves. The rest of the gameplay is less eventful and just gives you the capacity to explore this gorgeously-rendered city and stumble upon a few tidbits of 'Matrix' lore.
Although this isn't a full game (more of a hands-on tech demo for Unreal and a nice extra promo for the upcoming 'Matrix' sequel), there's a solid chance a 'Matrix' game may happen in the near future. The franchise was one of the earlier adopters of using games as a means to extend the canonical universe during the original trilogy so it'd certainly make sense to do it again now that the craft has advanced so much further.