Itr'd be lovely to hear the official story.
The TNG movies and VOY definitely act as if "I Borg" and "Descent" never took place - assuming (headcanon fanon time) the Borg under the rule of Lore were just a splinter faction that the Collective didn't bother with, especially after all their signals went out after being defeated by the Enterprise crew. Neither was large enough to be considered a threat.
While part of me likes they didn't try to one-up TBOBW with more action and took a new path in season 5, part of me sorta prefers Picard chose the original logic weapon instead of what got aired - and as a result of that (here comes the fanon headcanon) the Borg would figure out the gambit and then send an armada of two cubes to try and annihilate Earth as a result for season 6's finale instead. As we all know, what happened officially, they'd send over only one (larger?) cube in the 1996 movie and sidestepped TNG's misfire and I sometimes wonder if the tonal shift in seasons 5-7 had a part to play in that, going from action/suspense/adventure to soap opera (though given DS9 got the adventure/action stuff, which was trendsetting, TNG couldn't do the same thing at the same time...). Even VOY ignored the splinter faction and acted like the original collective early on, but brought in the Queen later on.