That's a bit much, I don't think Spain could ever take France on unless they had access to north Italy. We've never had a NL player grow so much in Europe unchecked before and a fairly average Spain (due to being invaded) means that together it's a fair fight against the French. France has the middle ground and the ability to trade land for time, as well as a massive manpower advantage. Let's take what Petrucci agreed to in the peace deal and see where that leaves him. If NL is cut down enough then NL + Spain isn't an unfair alliance against the French.
As much as I have a horrible feeling that this is some master puppeteering, I have to agree with it.