Well, in theory it could. Although it kinda sets up a bigger story.
Basically, it’s set in Riverdale where Betty, Veronica, Archie and Jughead go on a winter getaway to a cabin and decide once at the cabin to “explore their options”. In the chapter, on the way to the cabin they happen upon Santa by the side of the road having sleigh trouble and they help him get on his way. But that’s basically the end of anything Christmas related.