It’s after Tri-Force Heroes and before the decline of Hyrule Kingdom and The Legend of Zelda, on the “hero fails” branch from Ocarina of Time.

https://www.nintendo.com/jp/character/zelda/en/history/index.html

That game felt so inconsequential it could have been almost anywhere really.

It was a bit obvious they were going for the decline branch, since, well, it’s yet another recycling of aLttP’s world, and it’s precisely the part of their “timeline” where they put all the games that they had no plan to include in a unified timeline.

But beyond that, it has almost no connection to anything else, and the plot is quite generic.