Short answer, I'd say Hollywood early midieval Europe…
The arms and armor are based on European designs (as is the village architecture [at least through 1.13] and professions), which is unsurprising given the background of Persson.
With the various fantasy elements, trying to assign an accurate historical time correspondence dosen't seem to be an objective exercise, but IMO the 'feel' of the base game is roughly 8th century (Charlemange-ish)… with added magic [RS fits well enough as magic under Clarke's 3rd law]
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WARNING: I have an extemely "grindy" playstyle; YMMV — if this doesn't seem fun to you, mine what you can from it & bin the rest.