No. This series neither is a reboot of the original Clone Wars (without a "The" in the title) cartoon nor contradicts or erases it from the canon. However, The Clone Wars was considered "television canon" while Clone Wars was considered "continuity canon", which meant the material from the latter (the older series) would be written off as erroneous in the event of contradiction between the two. Furthermore, since the reformation of Star Wars canon announced by the Lucasfilm Story Group, only select works outside of the ordinal Star Wars movies have a confirmed place in the continuity of the movies, and while The Clone Wars has been included, Clone Wars (along with other several Lucasfilm-made spin-offs of Star Wars, as well as all Expanded Universe works, published before mid-April 2014) has not, thus as far as the two "Clone Wars" series are concerned, the implications are the same as before, except the newer series is supposedly immune to being retconned in the future.
Prior to the change, series creators claimed that continuity with the other Expanded Universe works was being taken very seriously by them, with Dave Filoni being well-versed in the Expanded Universe. However, George Lucas had the right to make slight adjustments for the sake of the story. Additionally, he was consulted directly when dealing with the major characters. According to a November 2006 internet post by Randy Stradley, editor and author of Dark Horse Comics, he had met with Lucasfilm Animation to discuss integrating the show with the Clone Wars comics. However, the feature film and television series introduced a number of continuity inconsistencies, some of which directly contradict previously published sources and require retconning or major shifts in the previously established Clone Wars timeline, which are yet to be determined by Leland Chee, the keeper of the Holocron continuity database. Chee had indicated that they will wait until the series is largely completed before issuing "a revamped timeline" (as shown here).
Lucasfilm confirmed with TV Guide that "The Clone Wars does not supersede the original Clone Wars series in continuity, but instead expands upon what the original series established. However, Filoni had defended any differences in continuity: "But there is never an implicit connection between the micro-series that Cartoon Network did previously and the series that were doing now. I personally as a fan never think of it as discrediting any of the other material. It's just that other material is from a different point of view, a different look at the war and take on the war. It's an ever-Expanding Universe in a lot of ways."
This entire series takes place in Clone Wars' third season episode Chapter 22, in the space of time during the montage that covers an unknown amount of time. Chapter 21 ends just after the introduction of General Grievous, as Anakin becomes a Jedi Knight, while Chapter 23 begins the Invasion of Coruscant leading directly into the events of Revenge of the Sith.