It may reference the Kotor Timeline and exist in the Kotor Universe, but it still is not Kotor III.
If it was i would be pissed i hate online mmorpg's that have a monthly subscription and no plot or story. I much prefer a single player console game Like the first 2 kotor games or Mass Effect.
Kind of like how i skipped from final fantasy ten over to twelve because eleven was a stupid mmo.