Indeed. Austria was the least dynamic power post 1815 and was also flat broke. They had no business maintain forward policies in Germany and Italy and were ultimately driven from both. They could have retracted and retrenched through treaty or sale but they obtained the same result by losing wars. I think in the view of the powers that be, this was, at least honorable.
If in 1849 Austria was unable for whatever reason to hold Italy there could have been a triple monarchy of sorts. There could be an end of hostilities with Hungary with a concurrent deal with Croatia—a Nagodba on steroids which reunites Croatia and Hungary but with a stronger autonomy for the former. Add Fiume and Dalmatia to sweeten the pot.
Such a triple monarchy is likely not interested in Germany and will cut some kind of deal with Prussia—good trade deal, defensive pact, independent Bavaria?