How do we know that they weren't involved in the war with Angmar? We don't have terribly much information about that time period. Moreover, if the Istari had only recently arrived, they would not yet be as widely known or respected as they later became, and their actions would thus be less likely to be recorded by chroniclers.
Nor should we assume that if they had been involved they necessarily would have been succesful in defending Arnor. They had great power but they were far from being all-powerful.
It also occurs to me that they may not have wanted to reveal themselves too clearly to Sauron at this point, which is another reason their role in the war, if they had one, might have gone unnoticed.
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