Essentially true but the central powers were on their last legs as well. And neither side wanted a negotiated settlement. (well, OK, Austria did)
The surrender of Russia freed over 1 million German troops up for operations in the west - and was probably the real reason for the US entry in the war. Austria-Hungarian troops could be re-directed to put even more pressure on Italy, and Turkey’s troops in the Caucasus would be freed up to deal with British interests in the Near East. A bunch of “what-ifs”, but there really was no path to victory at all for the Triple Entente at that point.