The only lore and setting related info we get is that there were two Dragonspear Wars already. But it's not even clear from the dialogue what exactly happened and what was the significance of these events(or maybe it is, but writing was shitty and boring so I skipped that), only that some people were dragged to hell because of them.
Also that Cyric killed Bhaal, but we know that from BG1 already.
So the answer would be no, the game is almost exlusively concerned with Bhaalspawn, Shining Lady and fighting the crusade.
Well, what I'm talking about is less about the sheer amount of lore and more about how the plot uses said lore. Basically, how much lore detail do you need to have a good understanding of the game's story?
I think the move to faction-centric storylines in RPGs has made them more "lore-dependent" and details-driven. You don't need to understand much about the Flaming Fist or the Iron Throne to comprehend the storyline of Baldur's Gate, because the story isn't about them. They're basically generic medieval guards/baddies like you've seen a in a hundred other fantasy stories.
But once you put factions at the center of your story, once you make a story that's about large groups with wider agendas and motivations rather than heroic individuals, that requires giving the player an understanding of all sorts of historical and social dynamics aka LORE.