El Cid:
Absolutely, the TYW validated the character of Europe as we still recognize it.
However, I would like to mention a few items that get lost in our school texts:
France was just as exhausted as the other players in the war....and still rent by internal factions. Louis XIV was a child, and the French monarchy held on by it's fingernails for a decade....still at war with Spain, and with itself during the Fronde(s). Even Conde and Turenne fought against the royal government (and in the Spanish army!)
Habsburg Spain certainly was not recognized as a spent force in 1648. She fought on vigorously against France until 1659, and even in the late 1660s was acknowledged as a strategic and political power in spite of the fiscal exhaustion, and collapse of martial spirit, of Castile. Because of huge colonial possessions and wealth, Spain remained important for another 100 years.
Habsburg Austria despite being a "loser" in the war, was actually put in a stronger position by shedding the Protestant areas of Germany, and then consolidating the Austrian crown lands. As Morty said above, the "Holy Roman Empire" ceased to have much relevance.....the "Austrian Empire" was born and remained a great power for over 200 years.
One of the biggest and less acknowledged effects was the rise of permanent military forces, mostly under princely control...standing armies that still are with us.