While the wait continues to learn specific New Gods plot details, at the very least, it would likely explore the cultural differences and conflict between the denizens of Apokolips and those who inhabit New Genesis.
So New Gods will be set in the same continuity as Justice League, where Steppenwolf failed to terraform Earth and was dragged back to Apokolips by his remaining Parademons.
Ideally this will also be when Darkseid’s finally shown, as he was originally supposed to appear in Justice League.
While DC and Warner Bros no longer seem to be as concerned with making the DCEU entries be closely connected to one another, this franchise is still operating as a shared universe.