Because the information about is fairly limited at this point, speculation about what the game's story will mean for lore is through the roof.
While the director has made it clear that the new game will not change anything from or 's stories, it's also clear that will have an entirely original narrative of its own.
Whether sheds any light on the deeper lore of before the Shattering does not change the potential for story to be as rich and developed as its predecessors.
Further, because will include randomized elements such as random map generation, bosses, loot, etc., some may assume this means that the story will also be random at some level, or that the randomness of the game might be a problem for the lore.
However, based on FromSoftware's track record with narrative and lore-rich games, there's no reason to believe that 's story won't be an equally deep and interesting branch of lore.