In the early to middle 18th century there was still room for a smaller state to be a major player if it uses its resources well, the way Sweden did 1560 to 1718, so a temporary defeat might not mean that Sweden as a European Power is finished, for a few decades, that is. In the late 1700s, Sweden would have needed to expand drastically in the previous half-century to still be reckoned with, although OTL incompetent and weak Sweden actually still was one of the contemporary powers back then, but that might have been more of a residual effect than reality, although there were some scientific and technical progress to back things up.
If Sweden had lost Viborg and Narva and Ingria, but kept the rest of Finland, Estonia and Livonia, and had gotten Russian support for acquiring Courland and Norway, and holding on to the lost German provinces in the peace, then an expansive Sweden might, if successful, have made further advances into Poland-Lithuania, Denmark and Germany in the 1700s, and have taken the position corresponding to OTL late 18th and 19th century Prussia as the Northern Continental Power.