I believe so. My understanding is, they missed out on the prior ascension cycle, which I guess would have been 26,000 odd years ago, by kinda being pricks. So the civilization devolved, further, and Atlantans, like most of the rest of the world were subsequently wiped out in the great flood resulting from the destruction of the water world, Tiamat wars. That would have been approximately 12,500 years ago, during the Tiamat wars.

According to some, we are currently in the seventh ascension cycle.

It would be interesting to see what can be found at the bottom of the ocean in Bermuda triangle, yet, as far as I'm concerned, the best lesson from Atlantis is Unify or Die.