While .netstandard 2.0 projects are compatible with both 4.7 and .net core, they may do this by multi-targeting frameworks. Generally this is done when they have conditional compile or framework dependencies.
If a .netstandard 2.0 project is used to build a 4.7 solution, its will use 4.7 compatible target if one is defined. If used in a .net 8 solution, it will use the .netstandard 2.0 version.