Not really. There’s only one moment where historical areas make sense: when there’s no human effort required for them, and they can be imported wholesale from an external source. Otherwise, we end up with our users having to divert a lot of time away from actual music data to area data, and as @drsaunde has said in the past, we’re not and will probably never be AreaBrainz (right now that would be area editors, which have a lot of requests to deal with as it is, but even if we opened it up to everyone it would be a huge timesink).
That said, I would like historical areas. If we can get enough data from Wikidata at some point to make the whole thing automatic, this should be looked into.
Of course, historical areas bring additional “nationalistic” problems with them (most Soviet-period Estonian bands are entered as Estonian right now, and I’m fairly sure there would be complaints if they were all moved to the Soviet Union even if technically correct), but that’s a separate issue.