You realize you can have more than one collection and can give a name to a collection, like, for instance, "Wishlist"?
But since Itch does not do advertising, you will not get release and sales promotion. Hmm. I think you can get promotions if you configure it somehow. But I am not sure if you had to follow the developer for this or not.
Ah, here it is
Email notifications
( ) Games and items I don't own in my collections go on sale
To adapt your suggestion, make a email notification, when a game changes status from in development to released and is on collection. On the other hand, if you really do follow the game, you should follow the developer and will get a notification about the update in your feed anyways.
Plus, there are finished games and in development games, that do not really utilize this status "correctly".
Also, there is a bad habit of some developers, that instead of updating their demo in development page, they make a new released page with the full game. But pricing options are sometimes confusing and this is actually the best method in some situations. You would miss such a release if you only have the game on wishlist, but do not follow the dev.