yeah. Everyone was done with the war by 1917, the French had mutinies and refusal to attack all over the front for a while.
Russia breaking first bought Germany another year of a tiny speck of morale. Italy was so broken, had the Germans and Austrians had any real strength left, they could have kicked them out of the war too before any help could arrive after Carporetto and let's not talk about the other german allies who also were all really exhausted.
Militarily speaking, the smart move for the Central Powers would have been to make peace "status quo ante" at this point, they might have gotten it. Of course that was politically impossible, telling your people "yh millions of you died, but we gained nothing, isn't that nice?" would have triggered Revolution anyway.