Creepshow III, unlike Creepshow (1982) & Creepshow 2 (1987), has no involvement from either Stephen King or George A. Romero - the series creators.
Tales from the Darkside: The Movie (1990) is often considered the "true" Creepshow 3 because of George A. Romero and Stephen King's contributions to the film.
Creepshow III does NOT take it's stories from a fictional "CREEPSHOW" comic book.
Unlike the King/Romero-helmed Creepshows, Creepshow III has CGI animation in place of traditional animation (which is probably because the original two films were made before CGI became the norm... the first movie especially while the second was very low budget... so, had there been a more genuine King/Romero third film, most likely there would have been CGI).
According to one of Professor Dayton's wedding invitations, the neighborhood in which all of Creepshow III's stories take place is called "CREEPYVILLE".