It _could_ be, if they want it — But I don't think they do.
I think they wanted the _option_ of using anything from G4 that's useful an/or fun to carry on into the new series, without being weighed down by the entirety of G4 lore — which had acquired the usual amount of cruft and inconsistencies you'd expect after 9 seasons; probably quite a bit more, since all the writers were freelancers working in isolation, only ever meeting up once a year for a brainstorming of raw story premises to be submitted to Hasbro.
I feel like the most useful mindset going forward is to treat all G4 lore as void and only applicable to G4, unless and until it is re-introduced to G5.
Now, I'd _love_ to be proven wrong, and to have all my questions answered by the series or the upcoming 40-minute special. I just don't think it's _likely_, given the choices that were made in setting up this new generation, so I won't go into the new series with expectations that are doomed to be disappointed.
We should cherish the past for what it was, but also allow ourselves to enjoy the present for what it _is_.