The snot will come and go, but it does definitely sound like snuffles. I had my favorite buck come down with it after a nasty case of hairball (lowered his immune system from the weight loss), and I basically burst into tears thinking I was going to have to cull him. I did some research and here's what I found:
Nearly 90% of all rabbits (so basically all rabbits not raised in a sterile lab) carry pasturella in their nasal cavity. It can manifest into an outbreak of snuffles if their immune system takes a dive. There are several kinds of snuffles, some easily treatable, only starting with the runny nose and sneezing (and kept that way if caught soon enough) and there are some strains that are much more severe and can cause lesions in the lungs and other organs (basically nice, thick, pussy abscesses). The worse strains can also manifest in the eyes and cause blindness, or the ear canals and cause wry neck. It is not highly communicable to humans, though it is possible to catch it. The chances of catching Pasturella from rabbits is higher in infants, the elderly, and the immune compromised.
What I did:
I immediately quarantined the buck, and then I called my vet to see what we could do. She had me take an exact weight of my buck, and we got a dosage off of that. He had a much less severe strain, so we were able to clear it up with Baytril. He was given Baytril for 10 days, though the symptoms subsided after the first 12 hours. A typical course of Baytril runs 14 days (some rabbits never get along off antibiotics for the rest of their life) , but it worked for him with only ten days. Either way, I kept him in quarantine for anther two weeks, and he was closely monitored. He had no re-occurrence, and hasn't to this day. (It's been nearly a year.)
There are losses to dealing with a sick rabbit. First being the vet cost. I know my vet very well, and she knows I know quite a bit about general veterinary care and that I do my research. I told her that he had pasturella and she let me come pick up the prescription. Most vets won't do that. Typically you have the expense of an office visit, along with the prescription (which was cheap, by the way. Maybe $8 for ten days). Not to mention that if kept and bred you will be breeding a rabbit that doesn't have as strong of an immune system, and that could potentially pass to the kits.
There are also benefits to saving the rabbit. Maybe that is the one rabbit in your herd that carries a trait you are trying to work towards. If it was any other of my rabbits than that buck (he's my baby, and my best wooled buck), they would have been culled.
You'll have to weigh the pros and cons to keeping him and make your own decision.