I think logic points towards there, for now. I can’t see anymore changes that ITTL could’ve happened in the European settlement. What’s UP getting out of the deal? It’ll likely be minor anyways.
Quite minor indeed, and most likely consisting primarily of economic compensation; there's very little territorially that it might be interested in even if it were on the table, and I believe that "refuelling station in formerly German South Africa (Namibia)" is the maximum extent of land that might be transferred to the UP.
Are you planning to have a similar OTL WW2? Already not Soviet Russia could cause enough butterflies to prevent the rise of the Nazis as we know them. Scratch that, the fact that the US is not as powerful as it was OTL would mean that the Great Depression may not happen or be much more limited.
OTL's WW2 is emphatically butterflied away, at minimum because the entire ideological underpinning of the war won't exist ITTL. A 2nd global war isn't impossible, but is not guaranteed. It'll depend on three things that are still in flux ITTL: the institutional design of the League of Nations ITTL, the geopolitical fallout of the postwar period (the 1920s were a war-torn decade in much of central and eastern Europe IOTL, and is likely to suffer a similar fate ITTL) and the economic fallout of the neoclassical consensus having the bottom fall out from under its feet.
I've operated under the assumption that no single historical event is predetermined, but that larger trends are harder to shake, and events that would both be recognizable OTL
and bear similar names ITTL are bound to happen.
The Great Depression won't happen, but a
great depression is all but guaranteed because of the way the post-war economy was designed and operated.
The one I'm most interested in thinking about is the shape of the post-war international system; there are multiple "second" tier countries that are a) powerful enough collectively to be a significant power block unto themselves (though the reality is that there's very little cooperation within the group) and b) historically adverse to European power politics in general - Colombia, Brazil and the United Provinces may still lag behind relative to the US and the European metropoles, but the cost and carnage of WW1 has dramatically cut the gap, and they get seats at the LoN as victors of the Great War in addition to their status as regional powers.
That means that either the LoN will implode out of impotence earlier, or will have more weight to it as the relative power of its members is more evenly distributed than OTL given there are fewer but more powerful New World members.