Sorry, the AI couldn't handle "swap" peace offers. The AI has no sense of "strategic vulnerability" of provinces (that's why e.g. Castille grabs random Turkish and steppe provinces) nor of strategic value.
Also and no doubt has been fixed but the crazy peace offers by the AI are to the point of ridiculous that aren't funny at all, especially those minor one Provence weak members demanding that despite dominating my main foe and have a 100% chance of victory, wants me to surrender some or all my vassals pay them a huge sum of gold and break agreements with other nations, then what it should be a " I am so sorry for declaring war on you, peace do not invade and annex or vassalage me".
That's because the AI makes its prognosis based on its "war capacity", an entirely faulty approach. This economic war capacity (WE, manpower pool, economy) does not belong in wars shorter than 5 years and/or fought between non-major states. (In fact the entire war capacity issue is a result of a total war based on attrition.)
Imagine what the AI sees:
0 warscore (you only have a warscore advantage against the alliance leader, and those whose provinces you already occupy)
a distinct war capacity advantage (0 WE, full manpower pool, full coffers)
Therefore it must be winning the war, right? Right?
Not to mention the fact that war capacity is calculated as a relative, not absolute, value. That is, an OPM with 100% capacity is valued to be in a better position than a France with 50%.
The solution would be to banish the economic war capacity to Vicky and beyond, it does not belong in the early modern era. Instead, base decisions regarding war on the state of the military.