Sometimes, yes. Sometimes, no. Depends on the game (this is getting close to my 50th gaming anniversary, too, so...)
In the past, I've favored using serpentfolk, of one sort or another, because they are such a classic swords and sorcery trope, and I'm a sucker for that. Plus, lots of games have them - serpentfolk, yuan-ti, viperians, etc.
Currently, in Shadowdark, I've got the Nelvidians, sort of a cross between Moorcock's Melnibonéans and Tolkien's Númenóreans, with a heavier dose of the former, i.e. tall, fit, long-lived, decadent, proud folk, with a penchant for sorcery and summoning things better left alone. More than a millennium ago, they had a grand empire, which was weakened, when all the other groups they had casually oppressed rose against them and, then, were pretty much decimated by a mini-Ice Age (which the PCs are starting to realize may not have been entirely natural). Most Nelvidians are long gone, but a few remain, in magical stasis. And, of course, their bloodline persists in some modern cultures - albeit, in a very watered-down form.
Most of the time, this just floats in the background, as a kernel for folklore and an excuse for cool, consistently-flavored ruins, making my job of adventure design easier. Occasionally, though, especially as the PCs rise in level, it comes to the forefront. In particular, in one of the current groups, there is a bit of a "sins of the father" story developing, with the PCs facing some of the problems and enemies the Nelvidians contended with, near their end, including a powerful frost giant faction. One of the PCs is, effectively, the reincarnation of a Nelvidian military leader, although the effects are subtle, thus far. Lots of potential drama, there. They also accidentally freed a couple of Nelvidians from stasis, so... lots of good and bad going to come from that, I suspect.
One thing I like about having this sort of thing floating in the background is that it creates interesting layers and side-effects, which may even linger between different groups, in the same world. For example, one group stumbled across ruins, with a couple of statues of Nelvidian deities. A local snow goblin tribe had adopted one to be the sort of god they felt they needed, at the time. Andelka, demigoddess/titan of sorcery, secrets and the moon, has become Nanda-Pesh, who the snow goblins believe is the patron of green things that survive the winter and is, thus, tied to survival, perseverance, nature and the moon (since the representations they saw always had moon symbols) - all things they respect.
Later groups have seen this new religion spread through the north, usually as a subtle background thing, which lends a sense of consistency and dynamic campaign growth. Well... maybe less subtle for one group, since one of the PCs has decided to worship Nanda-Pesh and spread the good word. This has also led to an interesting theological question: will Andelka slowly morph to become closer to what her new followers imagine?
Another religion-related situation arose, when the reincarnated character I mentioned earlier encountered a shrine to Adjventa-Mai, demigoddess/titan of diligence, tactics, games and cunning and felt a connection to that deity. I'm probably going to have fun with that one... bwah hah, hah...
