More often than not, yes, I believe they are. The over sexualisation and exploitation of the female character's role in video gaming has become so clear I can taste it in my spit. That's not to say that every single female in every single video game is depicted as petty and entitled, but most of the time they don't seem human in the slightest.
However in the same ways that sexism and blatant misogyny are expanding (i.e Bayonetta was made for this, as was Duke Nukem), so is it decreasing. The amount of games where women are being treated properly is increasing, especially in RPGs - the amount of armour-kinis is reducing considerably, and heroines are becoming all the more popular because of their seriousness and humanity.
If anything, video games were far worse in the pre-Playstation 2/GC/Xbox era than now because of how poor stories were. You literally didn't have enough disk space to make a story, so the extent of storytelling before was mostly "you bad, princess taken, go kill!". I think we've just become more sensitive as years have gone by, and video games weren't nearly as expansive as they are now.
It's a serious question that requires serious thought, and should be explored a lot more than just this question! ^^