Disagree. The current make-up of the EU barely represents historical bonds with so many nations in it. Though a populist leader using such history as leverage is not unbelievable, official Austrian reasoning behind refusal was much more pragmatic, human rights and migrants. Turkey is a regional player punching above their weight (potentially upsetting power balance less-so economically but definitely diplomatically and militarily) and is not exactly in line with EU ideals, culturally and politically, due to years of unstability and turmoil.
That being put aside, despite flaunting acceptance and democracy as their foremost goal, EU leaders surely knew not compromising on Turkey's accession would stray them farther of the EU in every way possible. And if that helps with a potentially bigger migrant crisis, so much the better.
Nations holding the region of Turkey are historically very powerful. My guess is that historical forces are reasserting themselves and that we may could see a much more assertive Turkey going forward.
I respectfully disagree given the basic fragility of the Suez Canal system along with the fact that Egypt is not growing into a major world power on the back of their governance of this canal.