The setting is low-magic medieval Germany, with a matching culture and weapons (including some more general European stuff). We might see other cultures eventually, but they’d require a lot of work to be implemented properly, so they’re being saved as ideas for potential expansions. They’d also have to be connected to Germany in some way, like a Norse or Arabic faction.
The more magical stuff is limited to the legendary weapons of which we have yet to see how far they’ll take it.