I don't think you can make the leap to Papias' works being suppressed or deliberately destroyed because they are lost? eg Tertullian's works survived, and he too was a premillenialist. Eusebius was sceptical of the claims that Papias knew John the apostle, and also of the traditions which Papias is supposed to have written, but Papias is cited long after Eusebius. (C7th at least for references to his work? Perhaps later in the Armenian tradition?).
What we know of Papias does indicate a different tradition, and it's not beyond the realms of possibility for some of, or at least more quotes from, his writings to show up at some stage much as the Gnostic writings continue to.