Yes, it is in its own "free continuity", as I said, it's just like the movie verse. G1 is single canon from the fact most has spawned from it, and will continue to do so. TFA (which you complained the most about), was the most original "continuity" so far created from the fact that Optimus was not the "absolute" autobot leader.
It seems very unlikely it will live up to your standards though for story line, only being an action game and all. I'm very surprised you're even getting these toys.
On the packaging, they should have made generations yellow instead of shifting rotf end way through.