Yes. But the problem is - AI doesn't seem to threat the conquest victory, or at least significant conquest. If I play on continents, I expect the other continent to sometimes be dominated by a single AI - usually a militarist with a good start. If this never happens, it would look a bit wrong to me.
I would guess that the agendas would make the human player the victim of DOW on higher difficulty levels. Because the bonuses should make the AI easier to fullfill each other's agendas, while the human player will struggle to maintain friendly relationships with several AI's.
You can even argue that tuning difficulty levels is a lot easier without one snowballing AI in a high percentage of the games. But I agree that at least the aggressive leaders should try (and succeed a reasonable amount of times) to conquer the other AI.