Not entirely, because it's been established that the Time War altered history extensively -- that the two sides kept going back in time and altering events to turn defeats into victories and so on, waging the same battles over and over. And though RTD left it ambiguous, Moffat established right off the bat that the history of the Doctor Who universe is mutable, and that major events from the RTD era like the Cyber King's rampage and the Dalek theft of Earth could be completely wiped from the timeline.
So since it was a Time War, it's entirely possible (under the very flexible temporal physics and logic of the Who-verse) that it was waged throughout history, that the Time Lords weren't just killed at a certain point in their timeline, but were effectively erased from ever having existed at all.
Where do you get the idea that the Timelords have been permanently erased from time? It has been clearly in End of Time that on the last day of the Time War, Daleks launched an all out attack on Galifrey. The Doctor used something called The Moment to create a Time Lock around Galifrey, trapping all Daleks and Timelords within. They're just trapped inside the Time Lock. A few Daleks have escaped from the Time Lock, so has The Master. Rassilon almost succeeded in releasing all the Timelords. Who knows, maybe a few other Timelords have also escaped.
To say Timelords have been "erased from ever having existed at all" is just wrong.