I didn't play this game yet, but hope this will answer your question. It's nothing like Zelda, this is more of a Minecraft like type of game, if I understand correctly.

Hytale is a sandbox game

Development began in 2015 among members of Hypixel's Minecraft server team, with funding from Riot Games, which purchased the studio in 2020. The game was cancelled by Riot in June 2025 and repurchased in November 2025 by its original creator,

Hytale is set in a fantasy world composed of procedurally generated blocks of numerous shapes arranged in a three-dimensional grid, featuring different biomes, creatures, and dungeons.[2] Players can take part in minigames similar to those found on the Hypixel server, and can build and share mods and custom content using a set of browser-based and in-game tools.[3][4]

- https://en.wikipedia.org/wiki/Hytale

Set out on an adventure built for both creation and play. Hytale blends the freedom of a sandbox with the momentum of an RPG: explore a procedurally generated world full of dungeons, secrets, and a variety of creatures, then shape it block by block. Our Early Access release focuses on polished core systems - exploration, responsive combat, and robust building - alongside creator‑first tools for making your own content, crafting minigames, and running community servers. Jump in, make your mark, and help us grow this world together!

- https://hytale.com/game

Negative! It's Hytale Studio’s own voxel engine story. They do take inspirations from many things, but OoT is not the main inspiration.