It does not, and can not, feel historical in a logically consistent way. While the 1444 position is (mostly, but not completely) historical, even the most basic core gameplay mechanics (AE, OE, war score, rebels, colonial range, monarch points, succession, regencies, coalitions, financial management, army sizes/standing armies, logistics) are so far gone from reality and/or are so abstracted that looking at how it plays as "historically plausible" is a fool's errand. This game is advertised as an empire builder and gives a nod to history, but it is not designed around plausible alternative history and has actively deviated from history further over patches.
Basically, when you can't declare a war "because regency" despite no historical example of that existing, your nation can't use guns when it did historically, and you can march 40000 troops + loads of cannons across Asia in less than a year with minimal-to-no attrition or extra cost in 1500 any interpretation that this is an "immersive and plausible alternative history" setup is wishful thinking.
Of course, the game can be immersive, it's just not rational to cite the reason it's immersive as it playing in some "historical" fashion.
The AI understands this too, as it will routinely behave in ahistorical ways and shoot itself in the foot out of spite, such as with the (virtually unjustified) "length of war" modifier. Truly immersive, having nations behave like 6 year old children who are upset they have a setback so they cost themselves even more then quit.