Why is Alan Wake 2 a digital-only release?

There are many reasons for this. For one, a large number of have shifted to digital only. You can buy a Sony PlayStation 5 without a disc drive and Microsoft's Xbox Series S is a digital only console. It is not uncommon to release modern games as digital-only.

Secondly, not releasing a disc helps keep the price of the game at $59.99 / €59.99 and the PC version at $49.99 / €49.99.