Correct. But who was the HSF built to counter? Not the Russians or the Italians. It was the RN. Even in this scenario, the RN will exist as a threat to Germany as it did OTL. Therefore all the “35.000 ton high seas battleship” that were built OTL will need to be built ATL, surely. After that, OTL the Germans spent all they could on the Army, one could even say OTL they should have spent
more on the Army. This, of course, doesn’t take the investment ATL into Russia the Germans will have to do which will replace OTL French loans (as
@RodentRevolution pointed out already).
On top of this the Germans are going to fund a riverine Navy
from scratch in the period from POD to war?