OTL Spain had a good second tier navy. However, Baleares one of their two brand new heavy cruisers was sunk in the SCW and the 6 surviving ships must have been in poor condition in 1939. However, ITTL Baleares would not have been sunk and the other six ships would be in reasonable condition in 1939.
This is a list of the Spanish Navy's cruisers (including the Blas de Leso wrecked in 1932).
Reina Eugenia Victoria was based on the British Birmingham class light cruiser. The Méndez Núñes class was based on the British C class. The Principe Alfonso class was based on the British C class. Finally, the Canarias class was based on the British County class.
These ships should have a reasonable range, reliable machinery and been able to cope with Atlantic weather conditions because they were based on British designs. Reina Victoria Eugenia could only do 25½ knots, but Méndez Núñes could do 29 knots and the two succeeding classes had maximum speeds of 33 knots. Therefore, I think the six newest ships would have been effective commerce raiders and Spain is in a good place for them to attack the British trade routes. The Spanish naval bases are also harder for the British to blockade than the bases on the French Atlantic coast so it will be easier for them to break out and they are less likely to be damaged by enemy attacks while refitting at Ferrol or Cadiz. Once the coast artillery at Gibraltar is made ineffective they will be able to refit in the Mediterranean at Cartagena, which is even harder to bomb from the UK.
ITTL Hipper will be operating from Ferrol or Cadiz instead of Brest in 1940-41 and the Twins will make for Cadiz at the end of Operation Berlin also. I think the coast defence guns of Gibraltar would have been made ineffective by March 1941 so they would probably proceed to an Italian naval base to refit. The chances of all 3 ships being able to support Bismarck and Prinz Eugen at the end of May 1941 are much better than OTL.
ITTL Bismarck and Prinz Eugen will make for Cadiz rather than Brest. If she makes it, Bismarck will then proceed to Italy for a refit in the drydock the Italians used to refit the Littorio class. That will be much harder for the British to bomb than the Normandie dock at St Nazaire.
Again Scheer will dock at Cadiz instead of trying to return to Germany at the end of her 1940-41 sortie. After refitting at Cartagena or in Italy it would be easier for her to break back into the Atlantic from Cadiz than Germany.