Technically yes in-game. I wanna say a Totalist or National Populist Mexico could take advantage of the Second American Civil War to reclaim the Mexican Cession & Gadsden Purchase territories. Though I may be misremembering, I haven't played a Totalist or NatPop Mexico to make sure if I'm speaking accurately.A fun concept, yes- obviously part of 1.0- but more rooted in fun than plausibility.
Did Kaiserreich have such a conflict?
Only difference is, it didn't happen while WWI was going on.