Yes, the hope of righteousness was deferred under the Old Covenant.

Galatians 5:5 says,

"For we through the Spirit, by faith, are waiting for the hope of righteousness."

Was the hope of righteousness deferred under the Old Covenant? (Gal. 5:5) Under the Old Covenant, righteousness was something Israel longed for but could never fully attain through the Law. As Paul says in Romans 3:20,

"because by the works of the Law none of mankind will be justified in His sight."

Their hope for righteousness had to be deferred, because the Law could expose sin but not remove it (Hebrews 10:1-4). They were waiting for something better, something permanent.

That hope was fulfilled in Christ. Through Him, righteousness became available apart from the Law (Romans 3:21-22). As Paul says in Romans 10:4,

"For Christ is the end of the law for righteousness to everyone who believes."

So yes, the hope of righteousness was deferred under the Old Covenant, but it was fulfilled in the arrival of Christ and the establishment of the New Covenant. That’s why Peter could write in the 60s AD,

"But according to His promise we are looking for new heavens and a new earth, in which righteousness dwells." (2 Peter 3:13)

That promise was not for a far-off future. It was being fulfilled then, in their generation (Matthew 24:34).