Maybe, maybe not. There are various views about Revelation. Some say that most of it was fulfilled in the first few centuries and fortells the fall of Rome. Others interpret it literally and believe it to be future. The WTs interpretation is just silly, and any unbiased thinking person (and even some biased people) see that their interpretation is a pure fabrication.
There are various reasons why Peter's apocalypse was left out of the canon. First, it was clear that it was written AFTER Peter had died. The Muratorian Fragment shows that many had doubts about it very early. Also, much of it was clearly taken from mythology, and doesn't match what other portions of scriptures say. For example, it's depiction of Hell is different than as described by Jesus. For example, nowhere in scripture is it suggested that the damned would be tortured by demons. That's a Greek notion. Peter himself said that the demons would be chained.
One only needs to read the book to see that it doesn't fit in with the rest of scripture. This is one of the more easy books to see why it didn't make it into the canon of scripture.
The Apocalypse of Peter also does not exist fully in a manuscript. We have 2 fragments, both of which are different versions of this book. The Greek and Ethiopian versions differ considerably, although they involve much of the same subject matter. In the Greek version, the disciples ask Jesus to show them believers who have passed from this world into righteousness. Christ shows them a wonderful vision of the redeemed, but He also shows them a terrible and frightening picture of the condemned. This scene has many similarities to the Greek myths of the underworld. Readers of Dante’s Inferno would find the descriptions in the Greek fragment oddly familiar.
In the Ethiopian version, the disciples ask Christ to tell them some of the signs of the end times and to further explain the incident with the fig tree (Mark 11). Christ unveils a vision of the future that includes epic levels of destruction and chaos. This version also makes mention of the beautiful state of the righteous and the horrible torment of the unrighteous.