There are a lot of consequences long before World War II or anything like it.
To begin with, Turkey is wrecked, and stays wrecked. Besides the massive loss of territory, Turkey has lost the key personality in its transition to a modern country. The sultanate lingers on.
Constantinople will be up for grabs; the rump of Turkey can't hold it very long IMO against Greek pressure (economic, political, diplomatic).
The Kurds will be more restive.
Italy holding onto its zone in the SW may affect Mussolini's seizure of power, as the incumbent government will have more prestige.
It will certainly affect Italy's operations in Libya, both areas being Moslem former Ottoman territory.