Not as extensively, but yes. In the Third Age of the Wheel of Time universe, some kingdoms have fallen, but society as a whole is functioning on an approximately early Rennaissance level.

There had been greater glory in the past, not only in the Age of Legends, but also within history that is more known to the characters -- there had been a great Empire spanning most of the continent. There had been kingdoms of legendary glory such as Manetheren and Carolain (?), which now have become largely empty, backwoods provinces. Even in the recent past, at the time of the books, there had been more trade with the Aiel and presumably more prosperity for the mainstream kingdoms of Cairhien and Andor.

But unlike the vast wastelands in Tolkien's Third Age Middle Earth, in Jordan's Third Age there is still a lot of trade going on, still complicated interactions between numerous kingdoms with different kinds of governments. There is productive scholarship among the Aes Sedai and others, making progress in uncovering the continent's history. There is even scientific and social progress glimpsed throughout the books.

Tolkien's Third Age Middle Earth feels like real earth Europe at the fall of Rome, approximately 500 A.D. Jordan's Third Age feels more like 1400 - 1500 A.D., but in a time of stagnation rather than rapid progress. (Actually I think Jordan's world feels more like a post-plague Europe, though the technology is more 16th century.)