There is certainly a Jacobite faction in the game, but don't know how active it is.
In previous games I found it very frustrating to have to keep backtracking over the same ground. For a while I played one position and was hit by 3 years of famine one after the other. Totally wrecked the economy and in the end I quit.
From my experience in game 7, the Spanish hapsburg player is very capable. It must be hard for him to keep control of Austria and the Spanish Netherlands and officially keep out of the war with France, and fight pirates and organise the League of St.George.
Have you kept up with reports from the newspapers for game 7?