My understanding is that it is in the Kong mythos as a whole but prior to the film story as we know it.
The film story that has been remade a few times is crazy director, damsel, island, giant ape, New York, chaos.
This ride is within that repeated mythos before the film crew trip to the island. Where the new film exists on the timeline is something I don't personally know.
Picking a random genre for comparison - think of the Mario games. Basic story that's retold is King Koopa kidnaps the princess and Mario goes to save her. In the randomly created stand alone Yoshi game, it's meant to be before Yoshi meets Mario.
Same universe and mythos, different period of time. Not necessarily the same rendition.