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It doesn't take place on Earth, doesn't have anything to do with previous films, and even introduces a sub-species of alien hunters that are different from anything else we've seen. 2010's "Predators" was more or less a soft reboot. Generally speaking, "Predator" (1987), "Predator 2" (1990), and "The Predator" (2018) form a pseudo-trilogy with references to each other and some recurring characters. "Prey" will work as a sort of prequel that takes place before other entries without tying directly into any of the previous movies. The Predator series has gone through a lot over the last 35 years and the story canon has become increasingly convoluted. Yes, "Prey" is part of the Predator franchise of sci-fi action movies.
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