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There was technically the fairly successful She-Ra show on Netflix, but I think that had a very different target audience than this movie.
More recently there was a Masters of the Universe cartoon that started 2021. I heard it was meh but it was apparently successful enough to run for 3 seasons and wrap up the story. I think this thread underestimates how big of a franchise it still is.
It was completely detached from He-man and stood alone on it's own merit.
Yeah, that's why I said "technically". Also while reading up on this, I learned that the film/TV rights to he-man and She-Ra are owned by two separate companies. They couldn't appear together unless Mattel and DreamWorks decided to work together - Source
Yeah I highly doubt anyone not already in the know is going to make that connection.