It likely will, and the likeliest thing is to enforce the First Partition Treaty, with the main territories of the Spanish Crown going to Joseph Ferdinand, Naples, Sicily, and Tuscany going to Louis XIV's son the Grand Dauphin, who would receive Lorraine and Bar from the Duke of Lorraine, who would be compensated with Milan. The Low Countries would go to Archduke Charles, who in OTL became Emperor Charles VI.
I somehow doubt the other Great Powers like this Italian take over from mostly Spain, unless the Dauphin agrees to give these to his second son. Furthermore Milan or the Southern Netherlands could be other way around.