If the Entente still win the war despite the situation in Italy, it will do that much more to hinder Italian ambitions at and subsequent to the peace conference.
That's an understatement. An Italian loss at Monte Grappa means that they will have to retreat atleast back to the Astico River, although that might not be a sufficient line of defense, so they might even have to fall back to the Adige River. Worst case scenario, the new frontline would be on the Lake Garda–Mincio River–Po River line. In either way, Venice would be lost.
Venice, together with the numerous newly acquired railway lines would improve the Austro-Hungarian supply situation tremendously compared to OTL. Furthermore, with a position so forward to the West, there would be little to no incentive to launch a new offensive in the area, as it could only lengthen the frontline without any other clear benefits. This means, that the Austro-Hungarian defenses through 1918 would be much-much stronger, and even some forces could be spared for other fronts. I believe, that in a situation such as this, Italy would be unable to achieve a breakthrough if they attempt one.
Now I wonder, what could be the Entente approach towards the Austro-Hungarians and Bulgarians be like, if the Italian and Macedonian Fronts hold strong, while the West collapses?