Unlikely but possible
The High Seas Fleet was seriously outnumbered, but there are some routes that could lead to a German victory. Suppose that the Germans had discovered that the British were reading their codes...that could be exploited in many different ways.
If Fifth Battle Squadron hadn't been with the battlecruiser force that day, then more battlecruisers might well have been lost.
A close range, confused night engagement or fog could have resulted in a lot of ships on both sides torn to shreds...the tougher German construction and dud shells (on both sides, but more British) could have led to many British ships sunk, and many German ships staggering back to port.
Put the battle earlier, say in 1915, and the British edge is smaller, giving the Germans a better chance.
In OLT's Jutland, Lion came close to exploding..the miracle was that she didn't blow up. So it wouldn't take a huge delta to blow up Lion, and then to have Lutzow make it back. That turns the battle into a German victory tactically, and a British disaster IN THE POLITICAL FIELD. Brtiain's command of the seas isn't really changed. For that matter. Warspite's circling could have resulted in her being sunk had she been a little less lucky.
In the scenario postulated, 5 battleships and all battlecruisers sunk,there would be substantial German casualties also, so it could be painted as a victory. And even if German losses were light, they would be heavy in British papers and reports.
Incidently, at Jutland in OTL, Austrailia missed the battle.