Hi Captain Hammered,
Yes, Operation Rheinübung is modeled in TWoS (I assume you use TWoS) but due to random nature of the game it is unlikely that everything will happen as it was in the real life. In short, Bismark, Prinz Eugen, Hood and Prince of Wales will depart their home ports on a specific dates and follow their historical routs but will they meet and engage in combat depends of many different random factors. However, Bismark and Hood will be "deactivated" by the game when they reach their final resting places...
I remember once I intercepted the Bismark and Prinz Eugen in the Baltic short after their departure, here is a screenshot...
