Given the set of characters who appear to be playable (particularly Jachtwaldt and Ukon), if this game's story is going to be canon, there's actually a pretty narrow window of time during Mask of Deception in which this could take place; it'd make the most sense for it to be right after the war with Uzurussha ends. Of course, there's a few seconds in the trailer where they show a fight between Oshtor and Vurai's akuruturuka forms, which is at the very end of MoD, so who knows.
It'd be cool if it took the opportunity to expand some more on the development of characters who didn't get quite as much focus in the games, but I suspect it may just be a plot-lite version of Mask of Deception that just moves from one fight to another as an excuse for beating up enemies.
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