Yes, it certainly does. There had never been an independent kingdom, nation or state called Palestine before the PLO declared the creation of the State of Palestine in 1988. Arabs living in Mandatory Palestine had been offered a state under the 1947 U.N. partition plan, but the Arab League rejected the plan.
What Israel took over on May 14, 1948, was the territory allotted to the Jewish state under the United Nation's partition plan for Mandatory Palestine, which at that time was under British control. Before the U.K. received the Mandate for Palestine from the League of Nations, the Ottoman Empire had ruled the region we today call historical Palestine since 1516 CE. Prior to the Turks, the rulers had been the Mamluk Sultanate; Ayyubid Dynasty; European Crusaders; Fatimid Caliphate; Mongol Empire; Abbasid Caliphate; Umayyad Caliphate; Rashidun Caliphate; Byzantine Empire; Roman Empire; Seleucid Empire; Ptolemaic Kingdom; Achaemenid (Persian) Empire; Babylonian Empire and Assyrian Empire. You have to go back to Biblical times and the Iron Age to find centuries in which people who were actually born in historical Palestine ruled the region. That would be the Kingdoms of Israel and Judah. .
"After Roman times the name [Palestine] had no official status until after World War I and the end of rule by the Ottoman Empire, when it was adopted for one of the regions mandated to Great Britain." https://www.britannica.com/place/Palestine
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