Yep. There also seems to be a geographical dimension to the Reformation as it was, in general, more popular the further north and further away one got from Rome (although there are exceptions like Irland and Poland).
It was more popular in Poland than people realize, and in Ireland, it was sold as part of the "Accept English Oppression and Like It!" gift set, which greatly dented sales.
But yes. The problem is that for the Italian nobility--even the ones who didn't always get along with the Pope--the awards for playing the game outstripped not playing the game by a country mile. Throw in power projection and essentially, trying to set up Protestantism in Italy is operating under severe penalties. (My big point was excommunication just isn't an instakill there despite what people think.)