Yes, according to the current available synopsis this is how it goes down.
"A radical return to Eternia, Revelation is a direct sequel series to the classic era of Masters of the Universe. Featuring fan favorites He-Man, Orko, Cringer, and Man-At-Arms, the story pits our heroic warriors and guardians of Castle Grayskull against Skeletor, Evil-Lyn, Beast Man and the vile legions of Snake Mountain!
But after a ferocious final battle forever fractures Eternia, it's up to Teela to solve the myster of the missing Sword of Power in a race against time to prevent the end of the Universe! Her journey will uncover the secrets of Grayskull at last. This is the epic He-Man and the Master of the Universe saga fans have waited 35 years to see!"
I just discovered Kyle Dunnigan after his brilliant Baldwin impersonation and going back into his youtube archives I found this utter gem which perfectly describes Smith, the show and Netflix. SPOILER WARNING: