Hy-pothetically, yes, you could take Hy code in and spit Python code out via `hy2py`. I think at one point I considered supporting this officially, but then decided there was really no advantage.
That's how I'm using Hy at my job—I write Hy then hy2py it into Python, lightly polish the compiled Python for human consumption, and then share that with my Python-fluent but Lisp-illiterate coworkers.
Also great timing after the recent Python Preprocessor post: https://pydong.org/posts/PythonsPreprocessor/
Could Hy hypythetically be implemented as a preprocessor like https://github.com/tomasr8/pyjsx?