It seems that all games in the Might and Magic and Heroes of Might and Magic series take place in the Milky Way galaxy (which is where Earth is located).

Why do you think so?

2 Draco

not for amusement of the ancients
they were created by the ancients to develop, evolve, and spread life throughout the universe (which was almost extinct due to the war between the ancients and their creators).

and of course, like us humans, they have internal conflicts
(even if we don't take Inferno into account, which appeared in Might and Magic VI and Heroes of Might and Magic III)
so the entire history of Might and Magic is a series of wars.