No, it’s very strongly based on the graphic novel and the movie. It’s a straightforward followup of what would happen in an alternate dimension where in the 80s a truly powerful superhero emerges (Dr Manhattan) and New York City gets wiped out with the world essentially uniting against him. While the majority of the world is united and at peace, Rorschach’s diaries and manifesto was leaked to the Alt Right and white supremacist publications of the day. So the tinfoil hat and redneck groups (ironically correctly) believe that the deaths in NYC and elsewhere were covered up as a pretext for a false peace and they’ve risen up in violence plus President Robert Redford has paid reparations to descendants of slaves so white rednecks are even more racist than usual. So while the world is more at peace, the US is even more violent than it is currently with the police basically driven underground and turned into a paramilitary force that hides itself behind masks. The show is starting focused mainly on the fight between police and Alt Right in Tulsa Oklahoma but does also feature some scenes in Wales where it looks like Ozymandias is still alive and from the trailer for next week the “young” Silk Spectre from the movie is an important figure in the FBI as an older woman.
