No, as the Royal Navy most certainly does not have its hands full and the IJN is proportionately a lot weaker against the European navies than it was in 1941. Not that it would be easily defeated, but Japan will not be taking Singapore. This also opens up a chance for the Allies to bring China into the war, to reverse the humiliations inflicted by the 1905 Sino-Japanese war. Japan will have to fight both the British-supported Chinese and the Russians on the mainland and contend with the Allied navies at sea. If they ever get to Indochina or Malaya, the Empire will have plenty of Indian and ANZAC troops to call upon in addition to its existing forces.
Overall though, it does create some significant butterflies. If the RN has to divert substantial firepower to the Pacific naval campaign, it lessens the odds against the High Seas Fleet in Europe. The German Pacific cruiser squadron will probably relocate to Japan and survive much longer. Indian and ANZAC troops will also be diverted away from the European theater, which will be a mercy for them as far as having no Gallipoli.