Well, certainly from various discussions and threads I've read on this site, it seems that a WWII with reversed roles is not possible, however, I would like to explore and discuss some alternatives. First, I proceed to give a context to have a base from which to start: first of all, the victory of the Central Powers would be the standard, there is no intervention of the United States, Brest-Livostk happens as in OTL and the Germans break the trenches allies in France. Germany would get her colonies back and gain some extras in exchange for returning to the status quo ante bellum in Western Europe (except for Luxembourg and some border adjustments in the Vosges) and you will have her gains recognized in Eastern Europe.
The Bolsheviks will continue to win the RCW, mainly due to the disorganization of the White forces as a leadership, finishing a little earlier. France, for its part, would manage to keep a large part of its territory (including Briey-Longwy) but the industrial devastation and human loss would have a profound impact on the French conscience, the Third Republic would remain, but much more unstable and dependent on international credit. , making its economy unstable to any crack abroad. The United Kingdom would see its possessions intact, but the illusion that the war was fought for nothing caused a wave of instability, causing the fall of multiple governments, added to the crises in Ireland, India and South Africa; being the British priority to guarantee its status as a power and keep the Empire stable. Germany for its part now has its long-awaited place in the sun, but as Uncle Ben said "with great power comes great responsibility." So Germany now found itself running a sizeable colonial empire and had new stooges in Eastern Europe, each one with its basic needs, this added to the state of the German economy, with large internal debts, a hungry population (at least until the supply stabilized) and a devalued currency; They cause Germany to resort to US credits (like France, the UK and others involved in the Great War) making its economy vulnerable and running the risk of exceeding its limits.
Bolshevik Russia, despite not having the Ukraine and the Caucasus, according to what I have researched, still has considerable resources to industrialize the country, although in a much slower way than OTL, in terms of its leadership, I see Stalin as the plausible option, although I have yet to read about the existing power struggles within the USSR. Austria-Hungary, for its part, managed to survive, but the political reforms have not yet eased the discrepancies and tensions that exist within the different ethnic groups of the Empire. Italy for its part, would not lose territory, but would be forced to pay large war reparations to the Central Powers, added to the economic crisis, the Kingdom of Italy would fall into political polarization. However, I do not see that it brings fascism (Unless not as in OTL) although it does revanchist movements that can end in a militaristic dictatorship. The Ottomans reached an agreement with the British, defeating the Arab revolt and taking advantage of the oil boom, I don't have much to say about OE, apart from the fact that little by little it would distance itself from Germany due to differences with respect to the Caucasus. Japan, for its part, would retain its gains from Germany, however, the consolidation of the Zhili Camarilla brought with it new risks to Japanese interests in the region (there was no Beijing Coup, so Zhili manages to win the Second Zhili-Fengtian war.
Now, and going to the point of this thread, with the Great Depression running its course and with some events in between, such as a breakdown of German hegemony, the reconstitution of France, the Soviet resurgence, tensions in Asia and the Balkans Could a regional conflict give way to new conflicts that end a kind of WWII? I explain to myself that I know the point is not understood, let's suppose that pro-Russian movements begin to emerge in Ukraine, Crimea and Belarus (Taking into account the demographics of the region and the tensions that may arise between the different ethnic groups, for example, in the Ukrainian SSR there were 22% Russians, although a minority could cause problems) that begin to cause instability in their Eastern puppets, added to complications in Austria Hungary and internal political polarization, makes the perception in different revanchist nations is that the German bloc is breaking up, so there could be a kind of Realpolitik between Italy, Russia and some Balkan nations, organized for a common purpose. Nations like France or the UK remain neutral (at least momentarily, if Germany is losing the war, they would take the opportunity to get their piece of the cake) so they could see a kind of economic boom due to selling consumer goods to both sides. However, I know this is at least implausible, but I'd like to see some alternatives.