Virginia and Barbados were principally settled for money (and in the latter case, largely by indentured servants and later slaves). They will do fine. What you likely won't see as much of is New England-style colonization, where the largely unprofitable colonies become a major dumping ground for religious malcontents.
So you'll have more limited settler colonialism, but still quite a lot of resource/trade colonies. Not to mention whatever they capture from the French/Spanish/etc. in various wars.
Derp, I read "wasn't" as "was" thank you for your correction.
You might do, depending on how the Reformation goes in England. If Protestantism does well enough to threaten or seem to threaten the stability of the country but not well enough to take over, it's possible that the government would encourage (or "encourage") Protestants to go and settle in the New World.
Let's go with Catholicism maintaining a 75% grip on the total population and the Calvinists not making much headway. Ireland is uniformly Catholic while in England, the Protestants (and its various branches) are restricted to the cities as they don't make any headway among the peasants.
We established the rich colonies of Barbados and Virginia will probably still be established. New England was a dumping ground, but for the most part loyal to the crown until... you know what. Do we get Africa, India, and Australia centuries down the line? For that matter, since we just got rid of Elizabeth I, we accidentally butterflied away one of England's best administrators. Colonies take set up time and money upfront, and impoverished England isn't going to be able to touch anything not on the Atlantic. That means no Rhodesia (or whatever it would be called in this time line), no East India Trading Company, and no Australia.
Well, maybe not getting invaded by Spain might allow our Catholic English Monarch who succeeds Henry VIII to focus on administrative reform and balancing the budget. Even though he wasn't going to war with his enemies that much, he managed to put his successors into a debt hole.