What happend with the the new and old Borg after Picard season 2 and 3?

Sometimes the time travel confuse me, in this case, the new Borg queen pretend to create a new collective, now, the third season Borg queen is the old one, right?

So, what happend with one and the other collective? The new one affected the other one?

Edit: I add an spoiler warning in the title.