Not really. I always felt that nations in EU4 aren't different enough to provide unique feeling while playing. CK2 was the opposite - it was always fresh and each game was unique no matter what. I think they need to simply make sure that races/characters/populace will impact game itself (like characters in CK2).Do you think any nation in EU4 was 'randomly generated'? Or were they meticulously balanced to give an interesting and challenging gaming experience? The latter, right?
I have some experience with procedurally generated games and the fact that you really have to explore - because you don't know what's ahead of you - adds to the game and its exploration aspect. If randomly generated races will impact gameplay and gameplay will impact them in return, then their inclusion will matter a lot.