Most likely, yes.
Which means we'll all be free to narrate from those races if we like.
Though, since it's being kept as canon, it seems only logical to me to complete the Beta, at some point in time. It doesn't have to be now, or even some time soon, but in the future, it must be done. There must be some knowledge within the story as to what happened to those gods, and why those islands turned out the way they did.
Even if it comes in the form of numerous mentions of the story in the past tense. It must be known in the story that 'Demigods tried; Demigods failed; Demigods faced amazing wrath; these are the only remnants of their failed attempt, and that amazing wrath; oh, and by the way, whatever happened to Cothal and the gang?"
“…Judge not what a man has done, but judge what he could have done if he was a different bloke altogether. For art thou a leper? And a leper can changeth his spots…” --Rudy Wade, Misfits (Series 4, Episode 8)