Any game is winnable. It is just very unbalanced and not fun (for me) when you get to the mid-late game. You are of course free to play on your own settings. Remember the EB script includes money for the AI factions so there is no requirement to play on VH just to avoid AI bankruptcy. It helps give them some extra spending money but they have other ways of surviving.
Also, I forgot to add. EB has added lethality to weapons. This slows the battles down considerably when compared to vanilla. So don't expect insta-routs as easily and don't expect to chop through a bunch of guys and move on. Some battles can turn into a meatgrinder as both sides just wear away at each other for a long time. It's by no means perfect but does a damn fine job of making the battles better. But this may require different tactics to what you previously employed in the other games/mods.
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