Yes, in a way that is true. This map shows the situation in 1000-1100 AD. Veps, Mari, Merya, Permians etc. are Finno-Ugric kingdoms that were later conquered by Slavonic tribes.
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If Indo-Europeans would have not left their homelands and conquered Europe with their war chariots, Finno-Ugric tribes and Basques could still be in charge in most of Europe. This is why I find them interesting.
Because Civilization series is about "what if?", I think it would be interesting to see some old forgotten civilizations that "did not make it", but in other circumstances could have evolved into great Empires.
I like historical what ifs too. ^^
It'd be nice if Firaxis put out an expansion pack of Ancient Europe like that. That's unlikely though so it would have to be left up to some ambitious, creative modder.