well the game is set in its own universe, let's get that out of the way. there's no way to bind zelda to the real world, even assuming that eventually magic becomes a thing.
now with that said, "past" and "future" are very relative terms, and you shouldn't bind technology with time, especially when discussing something like fiction lore. zelda isn't set in "the future" because someone before the current generation of hylians had more advanced (often erroneously called "futuristic") technology. what we can affirm is that before humans, there was an advanced civilization that was lost to time. that's a very common theme in both fantasy and sci-fi, the idea that before the current dominant race settled, there were others that had developed the technology and then either were driven extinct or just left, leaving ruins of their past as legacy. hell, even the chozo from metroid are like that.
the only differences when comparing this to our world are that 1- when looking at earth, we only see ruins of our own past, and as such the abandoned technology follows a somewhat linear progression; and 2- we haven't really found traces of any civilizations that aren't human in the whole universe, so it's not like we could have found something more advanced than us.
TL;DR: more advanced technology =/= the future.
oh and regarding twilight princess, let me remind you that both that cannon and the city in the sky were not built by human hands, so technically hyrule hasn't achieved that technology yet. still, zelda has a lot of magitech in its lore, spread throughout various games of the series. those laser-beaming eye-towers are not exclusive to skyward sword, and can be found even in buildings built after SS' time, like the tower of the gods in wind waker (which also feature giant robot totally-not-andross, elevators, and robot statues). in other words, it's too hard to judge technology advancement when magic is a factor.
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