Very interesting scenario. Imo, there is still bound to be something like the WNT to forestall a continuing naval race between the major powers. Very curious what percentage would Germany get/accept, would it want full parity or would it accept 5:3 like Japan. But it depends how did they actually won (or at least did not lose) WW1. What is the status of Italy and France, if there was some kind of armistice rather than surrender i would think they would keep their navies as is.
Well, i would think that the british would finish all 4 Hoods while the germans the 4 Baden and 4 Mackensens before this alternate WNT. Then probably the Yorcks and L20 would have been under or starting construction, while the UK would have been just starting on their G3/N3? France and Italy, presumably in an even worse economic situation due to not having won the war, would have tried to keep going with the Normandies and Caracciolos, that is if they haven't actually conceded defeat and the germans would have dictated terms.
Also, most likely Austro-Hungary is still around? That would spice up things in the Med, as they have a powerful navy as well at least relative to Italy and France.
So we can have a WNT made of US, UK, Germany, Japan, France, Italy and Austro-Hungary. Just negotiating between all of them would be a female dog.