Not sure either really has much to worry about in terms of one effecting the other, at least in terms of sales. Now both have the ability to create a perception narrative. What I mean about that is if the Zelda succeeds in highlighting the Switch's functionality it can create a positive narrative that may not be true for most games on the console, but will help push console sales and image in a positive light.
On the flip side if say gameplay quality is similar in both games than obviously the perception becomes a game like Horizon being as good but with far superior visuals and alive world through use of power comes into play. This won't really do anything to hamper Zelda's sales, this will more just be a poor narrative for the Switch to deal with right out of the gate.
Both are 1st open world attempts by either studio so likely gonna be issues with both in some regards. Zelda is expected to be longer so it has the length for price going for it. Its just probably more important for Zelda to be as good or better than Horizon for the sake of the console image than the sake of its own sales. Sony could survive Horizon being subpar more than I believe the Switch can survive Zelda being subpar.
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