Not really. The Ship of Harkinian ports are based on decompilations, which is where you reverse engineer some equivalent source code using the final binary as a reference point. Then, you can port that source code to anything else you can build for, like a PC, phone, Wii U or Dreamcast.

Recompilation, which is what this project is, is closer to (and some have gone as far as to say that it is) emulation. It's taking the final binary and then, without actually working backward to get source code, translating the raw instructions directly into code that compiles for a different platform.

It's kind of difficult to get across the difference without being familiar with what both are doing behind the scenes, because the result is obviously similar. Both require human intervention, but decompilation is the more labor-intensive approach, while recompilation is somewhat more automated.

The advantage of former is that you end up with a relatively human-readable codebase to work with, while the latter doesn't bring you any closer to understanding how the game works internally. Both ultimately allow for porting the game to new platforms. Decompilation will almost certainly result in a more optimized final game, because it avoids the overhead of "emulating" the original architecture. However, for the same reason, recompilation can be generalized to other games that originally ran on the same hardware.

At first I was like "Why would anyone want to change OoT's art and mess with perfection?", but I do have to admit that I have really been craving a modern Zelda game in the vein of the N64 releases, which is a formula they haven't touched since Skyward Sword in 2011. And Oblivion just recently showed me that sometimes a new coat of paint really is all you need.

Wind Waker at least is a game that (visually) aged very gracefully and I think can still stand against newer games even now, but I've played it to death and just wish we had something new.

Also not to discredit BotW/TotK or anything, I think they are still great games and I also really enjoyed them, but they're just built different. Zelda is now a franchise of 3 distinct styles, but only two of them (2D and open world) are still getting new releases.

Or Majora’s Mask but with wave dashing

The above link is recommended to learn more about the added mod support! (Just to add some context.)

This is the video I didn't know I was looking for in life.

I've been very into Zelda rando stuff lately, but the mod support shown here just seems above and beyond what I've seen so far from my limited experience with Ship/2Ship.