The talk of a promised land obviously resembles the story of the Israelites, but given that ER borrows heavily from Irish mythology, it's more likely a parallel to the myth of the Fir Bolg, which is itself believed to be based on the myth of the Israelites. So, kind of!
Oddly enough if you talk with him to the point of him giving you the medallion but not further he'll never actually die, Seems he wants to wait until after he's told you he's going to die to actually do it.
So uh.. when I rode up to the village, there was this 'enemy' I attacked that suddenly had a name and spoke when it died. Something like 'You are just a villain' and 'Please father, you must become elden lord' ... was dead too fast to read the name, but was this albus' daughter or something? Was a female voice. Dropped two stormhawk axes. Am uncertain if I killed some important or friendly npc by mistake :c