Yes, I've recently ended two wars and my war exhaustion was reasonably high at the end...about 37% if I remember rightly.
However, I feel that all these revolts due to war exhaustion are far too excessive, especially if you consider that militancy is 0 and the war has been over for more than a year.
I've still got some provinces (not recently gained ones either) on revolt risk of up to 18% over a year and a half after peace was declared.....this is just stupid. What are the POPs so annoyed about? The war has been over for more than a year!!! and I've even held a general election so that everybody can take out their frustration in the ballot box (universal suffrage here) What's even more puzzling is that other privinces are on much less revolt risk and there's no apparent reason why.
War exhaustion shouldn't go on for so long after peace has been declared, especially for the winning country, and even more especially if you've got very low militancy anyway, it's just totally unrealistic.
Another thing that's totally unrealistic is the way that I've had certain provinces have one failed revolt, then a few days later another one, then another one, then another one. This is laughable. If a province revolts, and that revolt is put down, then the revolt risk should be greatly diminished for a certain period of time. As I said in the linked thread above, historically once a revolt was put down it tended to stay put down for a reasonable amount of time.
Paradox games are supposed to be about fun tied in with a certain historical accuracy. As far as I'm concerned the current revolt risk model is neither.
I only bought this game last weekend and I was looking forward to finishing my first GC, but in 1914, six years from the finish, all I'm doing is rushing armies about from one province to another and back again putting down constant stupid revolts. Victoria has turned into a Command and Conquer style 'clickfest' as I desperately try to put down one revolt almost every other day.
If this was anywhere close to what happened in real life then the British empire would never have been able to fight any wars because the entire army would just be putting down revolts all the time.
I'm so annoyed about this that I've now uninstalled Victoria....I never did get to complete my first GC thanks to this utterly stupid situation

and I won't reinstall it unless revolts are tweaked to a more realistic level.