"She's had a wonderful career, and I think right now is about making her feel as safe as possible to tell her story," Taylor said of playing the icon.
A nervous Sherman also steps all over host Quinta Brunson's lines in the clip.
The rapper is in talks to join the cast of the yet-untitled Netflix project.
The upcoming film is set for release later this year.
The release includes "It Was Always You" and a new version of "Aurora."
"Forget you, and your dad, and the fact that you got half," she sang instead of the song's original lyrics.
The country star previously appeared in an episode of Law & Order: Special Victims Unit.
The Rock & Roll Hall of Fame nominee voices Carla Frazier in the April 3 episode.
The three competitors tackled some big hits from the '80s.
The pair get down to the girl group's classic single "Wannabe" in the episode.
