If the German victory is a late one, I assume it comes partly from the US staying neutral. I would say a WW2 is very possible. As Brest-Litovsk showed, a peace treaty imposed by the Central Powers is likely to be harsh, and thus lead to a lot of lasting bad feelings.
A Brest-Litovsk treaty that sticks will leave the Soviet Union (and yes, I think they would still likely win out) deeply unhappy, and likely eventually give them an attitude towards their lost lands not unlike France had towards Alsace-Lorraine before WW1. I would imagine the "socialism in one country" policy of OTL would be less likely to prevail with this much lost territory, and the USSR would likely be supporting Communist movements and insurgencies in the newly independent states. Then of course there's the border disputes with the Baltic States and Finland which existed in OTL and will exist in this world too. The Soviets would be less powerful without Belarus and Ukraine, but I imagine they could still industrialize rapidly, and with enough friends they could be confident in their ability to win a second round.
France goes one of either two ways, either it goes the way Spain did after the Spanish-American War, throwing in the towel and deciding to accept that they're no longer a great power, and that a third war with Germany isn't worth it since it couldn't go any better than the last two and would just result in even more lost territory and lives. Mind you, they'd still be fairly powerful in their own right, and as the decades go by and Germany begins to promote the idea of pan-Europeanism (with themselves at the top, of course), a peaceful France would likely end up being a frenemy within their alliance, an ally with prickly relations and a soft-power check on Germany's power in Europe. Still though, France did go revanchist after losing the last war, and I think there's a good chance they could again, since no matter what they would desire revenge. With enough friends, such as the also-revanchist USSR and perhaps Britain, they could probably be convinced that a second round is winnable. I'd say France is probably the most likely of the group to go fascist, and if Molotov and Ribbentrop could get along in OTL (at least for the first bit), a fascist France could probably get along with the USSR for the course of the war, if they find a common goal in revanchism. Italy under Mussolini (or another extremist leader; if it happened in OTL where they won it will probably happen in this world where they lost), would probably be France's closest ally.
Britain is probably the least likely of the group to go fully dictatorial; by this point the institution of Westminster Democracy is well-established and even if they're on the losing side of the war, Germany wouldn't be able to make them give up much (the best they can probably get is the return of the occupied bits of their colonial empire). The second war could very well see France, Italy, and the USSR fighting against Germany with Britain staying neutral. Still though, Britain would be angered by a defeat, having suffered through four years of brutal trench warfare and naval battles for nothing. If France and the USSR are looking like they could go for another round, the stage could be set for the election of a deeply conservative and anti-German, if not entirely totalitarian government. Oswald Moseley just might be the man in charge; without having Hitler to inspire him in this world he may be a bit more moderate, though still deeply nationalist and xenophobic. Sure, the last war wasn't an existential threat to them and they suffered a lot for nothing, but with France and the USSR in their team hemming Germany in from both sides, a short victorious war could seem worthwhile.
Japan could likely stay with them too; in a world where Germany is still a serious threat and the USSR is still pursuing socialism outside of its country, the Anglo-Japanese Alliance has a better chance of surviving than in OTL. Japan has also captured many of Germany's Pacific colonies, and even if Britain tries to lean on them to hand them back in the peace negotiations, with the humiliating Triple Intervention still in living memory, I imagine the Japanese will likely resist the pressure and say no. Britain, already not in the mood to do Germany any favours, probably wouldn't be inclined to push Japan too hard, and Germany, despite winning the war, has lost most or all of its Pacific presence and is in no position to force them to give the colonies back. Whatever happens, Japan is definitely not on Germany's friends list, and when WW2 begins in Europe, it will likely fall firmly on the side of the Entente. Britain, for its sake, had better hope that it can persuade Japan to stay away from Pearl Harbor, or things might get real ugly for the Entente.
In all, if only one or two of the Entente powers develops a willingness to fight, war probably won't happen, or if it does it would be a quick and one-sided German victory. But, revanchists gaining power in some will likely embolden such movements in the others. And with four great powers surrounding Germany on all sides, with them only counting a (probably) unstable Austria-Hungary and Ottoman Empire on their side (and a few other odds and ends), things might not look too good for the Central Powers in the second round. Hope they've been putting those nuclear scientists (who in this world aren't fleeing Nazi persecution) to work.