There has been no substantial change in my experience, regarding the debt issue. I have played comparably little though I'm sure.
Just checked my 1640 Prussia game. I started this game with the 1.30.4 beta.
Major countries and debt:
France 1,100 debt. (Has been warring constantly for decades as they take the Low Countries. Owns large CN in S America.)
Spain 0 debt. (Despite me completely wrecking them and reducing their army to 0 manpower a few years ago. Owns huge CNs all over N and S America, plus Australia.)
England 0 debt. (Owns huge CN in N America.)
Ottomans 0 debt.
Mamluks 0 debt.
Portugal 0 debt. (Owns multiple large CNs.)
Poland 0 debt.
Russia 0 debt.
Papal States 0 debt. (Owns nearly all of Italy.)
Austria 0 debt.
Timurids 0 debt. (Owns much of Central Asia.)
Ayutthaya & Pasai 0 debt. (Biggest countries I can see in Asia.)
Vijayanagar 1,100 debt.
Malwa 440 debt.
Bengal 0 debt.
Yemen 0 debt. (Owns half of Arabia.)
Kilwa 450 debt.
Sofala 0 debt.
Betsimisaraka 0 debt. (Owns all of Madagascar.)
Kongo 740 debt.
Mali 1,200 debt.
This is just a sample size of one, but I have to conclude that debt is no longer a game-breaker like it was until 1.30.3.