Not incredibly, no. An alliance between Skeletor, The Borg, and the outcast changelings makes no sense apart from "We're evil. We kill starfleet!"
Their motives are different:
The Changelings don't appear to want to do anything more than get revenge for what was, after all, a pretty crappy time they had experienced being experimented upon. Ok, I get that.
Skeletor, fuck knows, unless that's actually the Borg Queen, or Future Man or Balok or something. You know what, it's Balok. The big bad guy is Balok. He's mad that people switched from tranja to romulan ale. Game over.
The Borg: usual Borg assimilation stuff. Only they're not really assimilating And we're supposed to believe they had this other technological strain embedded in Locutus that they never took advantage of or developed for dozens of years. This also more or less jettisons the season 2 plot of there being a new way forward for the Borg. Well fuck that, we're just going to pave over season 1 and 2 with the new Terryfied Season 3.
It's easy to dismiss all of that, especially the latter bit by saying "well that's just one kind of Borg" but the point is that it diminishes the viewers commitment to the show. There will be enough hand-waving to this reply to probably power a wind-farm, but it's lazy writing, and its disrespectful. They didn't even wait a few seasons this time to tear it all down.