It actually does, which is pretty ironic seeing as how so many factions were active from 220 - 200 bc historically from Antiochus III campaigns in Koele-Syria and the East to the Second Punic War.
The main reason I think is because by that time in the campaign is because, the "chaff has been seperated from the wheat". The factions that are going to become dominant for the rest of the campaign (usually Karthage, Romani, Epeiros and the Grey or Yellow Death in my experience) have been decided and they now have enough resources at their disposal to field considerable armies and navies against the player and the other ai empires.
The stacks that land from naval invasions also get much stronger and organized as time goes by. I was laughing before when Karthage kept landing stacks made up of Libyan spearmen and Corsican/Sardinian archers in the 260's to 230's in Italy. I wasn't laughing anymore, actually I was but I wouldn't if I was the Romani, when they started landing stacks filled up with Elite African Pikemen and Swordsmen and elephants in Italy and Spain
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