Hungary's only been in Schengen since 2007, and in the EU since 2004. In that time their GDP has tripled, and there's a huge jump over the accession period (which, oddly, flattens out when Orban takes power). Public debt hit a peak in 2010-2011, and is now 20% below that point. It's hard to see the economic effects as negative, looked at in isolation.

Hungary has its own problems that the EU isn't positioned to solve. That's not evidence that the EU itself is a failure, or bad for states that join it.