An armistice would fall short of Hitler's original goal of total annexation. Also, any deal with the Western powers would obviously require the return of all the nations Germany conquered, except for Poland.
Remember, in this hypothetical situation, the removal of Nazi leadership and peace with the Allies would necessitate leadership with completely different goals, ie. not aggressive expansion, which of course changes the conditions for victory. Defeating Bagration and bringing the Soviets to the peace table on a favorable footing would be quite a victory for Germany in 1944.
I think you are mischaracterizing their motivations quite a bit. While it is true that the plotters were motivated by fear of losing the war and not any particularly altruistic intentions, it is incorrect to assume that they were big supporters the Holocaust or a "Jew-free utopia".Consider that some of the plotters against Hitler, including the guy Tom Cruise played, weren't opposed to the Holocaust or all the other nice the Nazi Party had made a priority. They were angry that Hitler was screwing up their chances of a Jew-free utopia.
The full extent of the Holocaust and its cultural and historical significance emerged after the war. Today, WW2 has almost become a morality play about the Holocaust. It has, rightly, become a huge historical event with countless books, movies, and other media devoted to it. Some have even described a "Holocaust Industry". To be perfectly blunt, however, the treatment of the Jews was a murky and wholly insignificant issue in the minds of most Germans who were not directly involved. The vast majority of Germans had no idea about the full extent of what was happening, and, frankly, didn't care. There was a war on, cities were being bombed, and people were trying their best to survive and win. I have read quite a few diaries from German officers and soldiers at all levels, and I have yet to come across much mental masturbation over Jew-free utopian visions.
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