I would be surprised if it did not have some impact on the writing of the games, though of course there is (as of yet) no explicit reference to the timeline in the games.
[1]: https://zelda.fandom.com/wiki/The_Legend_of_Zelda_timeline [2]: https://zelda.nintendo.com/about/
It's pretty clear that the cyclic nature is a part of the story.
This is not a deep-Zelda-nerd take, this is mostly working with simple connections like "Zelda 2 is a sequel to Zelda 1".
I think most Nintendo IPs are about playing around with the same motifs, ideas, narratives, and gameplay elements. Metroid is another series where this is very evident, with half of the games being spiritually a remake of a game which game before. A timeline doesn't preclude the Zelda series as a story about the cyclical nature of conflict, about archetypes reappearing throughout history, or as a legend passed over generations.