Not really. They were in a similar position to late 1944, early 1945. Not down and out, but getting there.
Once the US had entered the war the likelyhood of a French collapse was extremly unlikely. Of course it can probably be argued that the German offensives in the first half of 1918 probably shortened the war - the brought the Germans out from their prepared defences, killed many of their best remaining troops and used up resources they could not replace.
Entente losses, OTOH, were replaced pretty quickly and they were able to go on the offensive fairly soon after the Germans ran out of steam.