That’s a little complicated. In the bigger picture, no. Marvel Studios had no hand in the production of this film like they did with Homecoming.
However, it might still be connected to Homecoming’s Spider-man. If it is then this will be the start of a pocket Spideyverse.
Where that Spider-man can crossover and interact with a variety of other characters that are not part of the MCU canon.
But that’s only if Sony does decide to connect them.