No, there is supposed to be a truce during the games. And in WWI and II there were consequences:

The earliest Olympic bans followed World War I, when Germany, Austria, Hungary, Bulgaria, and Turkey were excluded from the 1920 Games for their roles in the conflict. Germany’s ban continued through 1924. After World War II, Germany and Japan were again barred from participating in the 1948 Olympics.

https://www.newsweek.com/countries-banned-winter-olympics-2026-11461212