Right, the only road-based option that has shown to generally reduce the daily congestion (which really isn't that great, compared with say Bristol or Cardiff) is the black route. Upgrading the SDR (I've forgotten the name for that, was it red route?) would make some difference to Newport when there is an accident on the M4 (like from very bad congestion to just bad congestion), but would not make a noticeable difference on normal days (because for most journeys even the somewhat-congested M4 is still quicker).
And note the performance of the existing M4 has also changed since 2011. There are fewer problematic accidents - because of the concrete central barriers it is now very rare that both directions are closed. And the 50 mph speed limit has also increased capacity and improved safety too.
So yes a Metro service to Abergavenny and STJ/Bristol/Chepstow is still the best solution - provided it can be delivered. And they would be easily value for money if it could be delivered for Transport Scotland unit prices. Quite possibly even if it could be delivered for TfW Valley Lines unit prices, at least assuming that TfW have learned something and they are coming down. They may also be value for money at Network Rail's Pye Corner and Bow Street new stations unit prices. But not if they end up like Ebbw Vale line enhancement or Wrexham-Chester doubling. And given that the Welsh Government paid for those two, and ended up badly treated/burnt by NR, you can see why WG/TfW would like some assurances. But one reason while I'm still optimistic that the 5 new stations & new services will be deliverable and be delivered is that the consultant who actually led Pye Corner and Bow Street is now working for TfW leading this project.