Yes, in fact, they were so much the undisputed hegemons of the continent, that they immediately crushed the league created by the Protestant princes, with the aim of opposing their ( Habsburg ) policies ..... er, no, in fact that war was a draw, which forced the aspiring " hegemon " has to compromise with the Lutheran principles regarding the internal politics of the Reich, perhaps it is better to look for another example, but of course, here is the right one, they were so superior militarily that the Dutch failed to obtain independence from them, right ?, this also seems like a wrong statement to me ( and I could mention more examples if I wanted )
now despite being a fan of the Habsburg dynasty, I have no problem recognizing the defects and the opportunities wasted by them over the centuries, so I'm sorry but I don't see how actually could have been the undisputed hegemons of the continent, given that the very word ( hegemony ) implies specific capabilities ( ranging from military, economic, cultural and political power) that the Habsburgs themselves did not have all in all , they were certainly the leading power in Europe ( if the coordination between the two family branches managed to work ) but from here to being the local hegemon, the road is very long