It was certainly an intolerable system that was starting to be challenged by violent reaction but without the Second World War fatally undermining the colonial powers and the rise of the USSR and USA (both anti-colonial in outlook), colonialism could have been sustained for far longer and with fewer concessions to the natives.
There would also have been no psychological equivalent as the fall of Singapore to the Japanese. At the risk of sounding parochial, I believe that that event was instrumental in destroying the façade of western invincibility; thereby encouraging separatist sentiment and action.
The Great War had already begun to unlock the disillusion as well as break the notion of invincibility, yet it would leave the colonial powers just strong enough to resist independence on anything but their terms, the Second World War broke the colonial powers ability to impose their terms and even so we see France holding out to the 1960s. I think taking away the Soviet Union greatly undermines the sweep of independence, other great powers might stir trouble to weaken or destabilize things in their favor, but only the USA had anything like the same goal of breaking up the old Empire's and without it participating in the Great War that might be a far less plausible agenda. And if the British are left stronger post-war then Japan has her and the USA to curb her ambitions in Asia, a non-Soviet Russia is more partner and returning to China would further contain Japan, China itself is screwed but Japan will not be seeking conquest, instead they might fill some of that support the locals in revolt agenda as a way to open markets and expand outside pure conquest. Still bloody and still warfare, but on a totally different level. So we see a far slower process to devolve the Empire's, likely much of the world still lingers under some distant control, but more stable and developed nations might have emerged in that interim, perhaps less from violent revolution. For good or bad it will be a Euro-centric world, the USA, Japan and even an India or China might be peers, rising stars or future powers but all threads will still lead to Europe, London, Paris and Berlin likely act far more important, they are the collective yet disparate Washington and New York everyone watches.