As I understand it it is out of Canon, it stands on its own terms. I'm so out of step with what is coming out I don't even know where it's sold, who it's intended for, or how long it is intended to run - mini series perhaps?
Still, from what little I understand it has had some reasonably good reception and word of mouth.
It was originally meant for the DC 100 Page Giant series, that were exclusive (then not exclusive) to Walmart. Now, it's digitally only (until it isn't). I have also heard good things about it, though I haven't read it fully, yet. As to it being canon, the story comes across as a contemporary Superman tale, with Superman, Clark Kent, Lois Lane (they're married) in standard form, a stock tale if you will, but if the reception continues to be strong, it'll become canon, as has been done in the past.