No. Because it's a parody and not a seriously intended midquel. Also because apart from a few teen Simba jungle scenes it was not written by the first movie's creators and thus isn't canon. And since we have not been specified which of the teen Simba scenes were written by the original's writers I count them as non-canon too by default. Actually, I'm not 100% sure if any of the scenes were, because I don't recall the source of that information.
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