Is this related to the movie 'Alien Covenant'?

Yes, this movie is related to Alien: Covenant.

Alien: Covenant serves as a prequel to Alien.

Both Prometheus and Alien: Covenant explore the origins of the Xenomorphs and the Engineers who created them.

Alien: Covenant takes places in the year 2104 and Alien in 2122.

You can check out the timeline here:

https://www.avpcentral.com/alien-timeline