Why not? It would be Austria-Russia-Britain vs. France-Prussia (plus Hanover, etc.) on land and, as in OTL, Britain vs. France overseas. The main differences: (a) France can allocate more resources to the colonies thus limiting the British acquisitions and (b) without French "front" Prussia is in a better position against Austria and Russia. Probably Russia (instead of Prussia) would end up receiving British subsidies and end up in a better financial position than in OTL.