No, it cannot really be that bad because in reality the BDG itself is unsound despite what the statistics show.
If you play a gambit you want to keep as many pieces on the board as possible and feasible. If you defend a gambit often you want to trade pieces to later realize your material advantage.
In case of the Hubsch it has the theoretical disadvantage that a pair of knights is traded off right away.
Note this is general principals without doing theory and sometimes general principals lose out.
is the hubsch gambit sound?
partially inspired by another topic i decided to give the BDG another shot. I have scheerer's book on the BDG and it has a section dedicated to the hubsch gambit:
Something that struck me as odd, is compared to the rediculously, undeservingly high statistics on the BDG (even unsound variations such as the ryder have a 70% win rate for white) this, by comparison has something like a 13% win rate.
Now statistics dont mean much, but this is a HUGE gap, is it really THAT bad.