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To be fair, there's nothing at all indicating that the game takes place as a flashback.
There's as much backing the idea as there is that the game is actually just an action figure playset for Little John and Sunny. Or there's actually more evidence suggesting that the game is all just a figment of Big Boss' imagination, and we actually just live out his dreams while he's in a coma (which is also unlikely).
With all the changes MGSV is going through anything is possible/probable. I honestly think the narration will be in like a 3rd person noir style if that at all makes sense. Lol like before Ocelot talks to BB in Afganistan about the binoculars and such, Donna will narrate what conflict your going into; like saying how the Russians invading Afganistan, how the US supported Afganistan, etc. Kojima says he wants MGSV to be like a TV series instead of a movie, so I'm kind of getting the feel that it's gonna be kind of like a documentary, where your acting out the "reenactments." I don't know that's just my two cents, I think that would be interesting.