I'm inclined to believe so. I think all the 2D games minus Minish Cap and PH/ST have been shoved on that timeline, on purpose or not.
Especially since this looks like the LttP/LBW Hyrule and it uses the iconography of those classic titles like the Zelda design and blue pig Ganon.
Though BotW / TotK have kind of established their own chronology that is less dependent on older games. The timeline is effectively SS --> OoT --> BotW --> TotK. This could be pre-BotW and this Ganon is a manifestation of the Calamity, or post TotK and he's... back again, lol. I can believe either.