Yeah it explained how everything occured, but then it left you with Kain knowing who orchestrated everything and, more importantly, with the tool that he needed to destroy the Hylden. Apparently the next game was supposed to be the final one where Kain stood against the Hylden and in a twist of irony ended up becoming the saviour of Nozgoth. Every event of the previous games were influenced by the Elder God in order to release the Hylden from their imprisonment in an alternate dimension, the Elder Gods power was fuelled by conflict hence he started the war between the Hylden and the ainchents and the war between vampires and humans. His ultimate plan was to release the Hylden once again in order to fuel the flames of war, but with his death and the creation of the 'true' soul reaver Kain would now be able to stop the Elder Gods supposed 'wheels of fate', effectively stopping the constant cycle of war and death.