CD Projekt Red have recently revealed that Cyberpunk 2077 will not have third person cutscenes, which was the original plan. They also confirmed that even the sex cutscenes will play out in first person, which is something new for RPGs.
Night City Life, a German Cyberpunk 2077 fansite, recently had an interview with Miles Tost the senior level designer for the game. He revealed some interesting inner workings of CD Projekt Red that ultimately decided Cyberpunk 2077 will be a fully first-person game as even the cutscenes are no longer in third-person perspective.
The image above is from the first gameplay footage we saw in 2018, which means CDPR's decision to ditch the third-person perspective is more recent.
One of the reasons for going full first-person is that Cyberpunk 2077's space is harder to expant when compared to The Witcher 3. The latter had more open spaces that could be expanded for the needs of development but Night City is basically a condensed area with many buildings, apartments and verticality in general so spatial expansion sends too many ripples throughout the development.
Fans could wonder why such expansion would be necessary and what it has to do with camera perspective. Tost that as well. During the development of The Witcher 3, many buildings' layout and furniture had to be moved just because it's a third-person perspective game.
When Geralt would walk into a building, the camera would be behind him, giving the players delayed info on what the protagonist could stumble upon. For example, many tables had to be moved further away from the doors so Geralt wouldn't climb them by the time the camera got into the room.
With the first-person perspective, the camera will persistently stay in the same place as V so the aforementioned compromises will not be necessary.
CD Projekt Red
As for the cutscenes, the details are quite scant but fans are theorising that a VR version of Cyberpunk 2077 will appear at some point in the future.
One thing that many will probably be worried about now is character customisation. Will there actually be any need if we will only see V a few times in a mirror?