This is known as a euhemeristic approach to mythology and not one I perticularly cares for.

Mythologies are an expression of the fantasies, politics, hopes and fears of their respective cultures and are a product of their time, but they are not historical accounts, and the assumption that they are is severely underestimating the human imagination

With the exception of myths which was written as propaganda for the people in power one might as well see characters such as Harry Potter and Superman as based on real people, sure they are a product of their time and would be interresting from that perspective for future historians to study.

Also this view overlooks that many names have a narrative purpose like Herakles is Hera's glory and none of his labors are realistic.

Our world is one were superhumans lives only in fantasies, our world was build by the rivalries and cooperation of many 'ordinary' people, people who told stories about the extraordinary to have something to be together about and to explain what they could not.