I assume it exists as an old film (like it does in our universe, just even older), but the events depicted in the films did not happen. Just like how Star Wars is a film in Stargate.

Here is a list of nods and Easter eggs between the two series, but does not seem to indicate anything about the film or its events occurring in-universe:

https://memory-alpha.fandom.com/wiki/Star_Wars#Star_Wars_in_Star_Trek