Nope. Hungary, even on its own, was considered as much of a beligerent as the other Central Powers. You're more likely to have a succesful Sixtus Affair (i.e. not likely at all) in which the entire AH signs a separate peace.
Plus, Hungarian secession is nigh-impossible during the war (and arguably at all unless the Austrians forces their hands). The majority of the Hungarian political elite are all too aware of the interdependence between Austria and Hungary; secession would destroy the political situation that they cultivated and profited from for so long, which they couldn't survive without.