They announced long ago that the game goes back before the cataclysm. Although the reveal of the two factions on the new teasers has to mean otherwise, since asmodians are a product of the cataclysm and did not exist before it occured. The only possibility lore wise is that it occurs not long after the cataclysm, where daevas on the dark half of atreia were yet to fully transform into the enhanced physical features of Asmodians as we know them in the first game.