Plausibility check: official war, unofficial peace between UK & France

If we imagine a scenario where Britain keeps North America, and France manages to avoid the worst of its revolution to have an effective government that doesn't unite Europe against it. In this world, France has a huge population to dominate the European mainland in any conflict, but can't hope to compete against the UK at sea.

If we then have a war around the 1790s where France (with allies) manages to absolutely subjugate the continent, Rhine frontier, kick the Brits out of Hannover etc, while Britain takes all of France's colonial territories, what happens in the peace? The French know there's no point in trading back hardwon European gains for colonies they'll just lose again in the next war. Meanwhile the British public (and much of parliament) won't stomach giving back colonial territories to benefit the Hannoverians.

Is it plausible to get official war going on for another decade or so but with little fighting, because there's no peace agreement acceptable to both sides?
 
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