Simply, yes. The great powers of Europe simply had irreconcilable conflicts of (critical) interest that precluded them from seeking any settlement. The 1815 Congress of Vienna political structures that had guided Europe for almost exactly a century finally broke down in 1914 not because of automatic treaties - there were none - or wayward diplomats, but because fundamentally peace was no longer desirable for the great powers. There is no real connection between the Archduke's assassination and the World War, other than the great powers seized upon it as an excuse for their final showdown. It could have been Bulgaria/Bosnia in 1908, Morocco in 1905 or 1911, the Balkan Wars of 1912-13, or something thereafter. The actual spark for the war was irrelevant; it merely served as an opportunity and a pretext. The German, French, Belgian, British and eventually American soldiers - along with all the colonial "allies" as well - fighting on the Western Front (the main theater of the war) were not shouting "Remember the Archduke!" or "Free Belgrade!" as they lobbed things at one another across trench lines.
From 28. June until 04. July, 1914, the crisis of the Archduke's assassination was the main point. It was the central focus, and many - Germany and Britain - urged Austria-Hungary to just act quickly so the crisis would fade. But by the evening of 04. July, Germany saw strategic interest in having a final showdown with Russia and France now, and from this moment on - for the rest of the July Crisis until 28. July, while diplomats scurried across Europe trying desperately to stop a disaster - there was going to be a war. Only the details of its shape and participants was left to decide. Russia, out of desperate sense that its survival as an imperial power was at stake (and not because of any crapola love for fellow Orthodox Christian Slavs like the Serbs, as some assert), felt obligated to protect Serbia no matter what. France, humiliated by the 1870-71 war and watching its industrial and population growth surpassed by Germany, felt equally as desperately that it needed to retain its most important ally (Russia) by supporting its every move. Austria-Hungary felt its very existance depended on a final resolution of its hostile relationship with Serbia, much as the United States in 2001 felt compelled to remove the Taleban from power in Afghanistan. Britain, alarmed increasingly since the inception of Wilhelm II's rule by military and economic challenges from Germany, could not tolerate German hegemony on the Continent. So there you have a handful of great powers all feeling increasingly desperate and whose core interests seemingly are at odds, add a whole slue of new military toys invented in the 19th century (and only tested on minor battlefields, and exclusively with offensive operations in mind), throw in several land- and power-hungry smaller powers (Italy, Romania, Bulgaria, Japan, etc.) and an old empire teetering on the abyss but hungry for revenge against perceived slights from Russia and the Christian West, and you got youirself a World War. Adding another burgeoning great power from across the Atlantic later when the great European powers have largely exhausted their material and manpower reserves is optional.
