Recent Vogue interview seems to confirm that she is done with acting

Those shifting “tectonic plates” have seen Watson take a step back from acting (her last film, Little Women, was released in 2019), try her hand at directing (resulting in a Prada fragrance commercial) and enrol on a creative writing MA programme (she’s already written a play, but keeps the details tightly under wraps). Turning down major Hollywood roles can’t have been easy, I suggest. “Because I’m in a career that moves very quickly, the decision to take time to do these things felt like a very big decision,” she admits.

“I’m just so glad that I did [step away from acting] because I have this feeling of having my own voice and creative space and sovereignty in some way that I don’t think I did before – more autonomy,” she tells me quietly, as if she’s letting me in on a secret. “I’m so glad that I allowed things to be messy for a minute and to really allow myself to not know [what’s next], because the knowing that I’ve come to, I wouldn’t trade that for anything.”

Link: https://www.vogue.co.uk/article/emma-watson-british-vogue-interview

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It definitely looks like she is done with acting and is now focused on other things like the ones outlined above. Seems like that is where her passion lies now. I guess the writing has been on the wall for a while now about her stepping down from acting.