Of course. From the Palestinian perspective, per the PLO charter, the destruction of Israel is the goal. Their plan for the destruction of Israel reaffirmed in 1974 viewed a state in the west bank as a stepping stone, legitimizing their cause, to the final goal.
There is nothing for the Palestinians to "embrace", and they won't accept Israel's existance nor legitimacy, it simply would have been another small victory for the tactics of terror on the road to the destruction of the Zionist entity.