No. Well, okay, if one party is in violation of the terms of a treaty, then it’s possible for other parties to nullify their own obligations, but NATO doesn’t impose a treaty obligation to not do anything like this.
In theory, everyone else could just leave NATO and join a “NATO 2.0” that’s identical other than having Hungary in it, and it’d be functionally identical.
I think that something like that would require a much more dire situation than appears to be the situation at this point. Probably something to watch, though.