Let's see...
IOTL, we mostly had pissed-off Germany, destablized Russia/Middle East, and wary Japan after WWI. That led to Nazism, communism, Japanese militarist expansion, and perhaps Islamic extremism.
ITTL we have a pissed-off France, pissed-off Britain, pissed-off USA (if it was in the war), pissed-off Russia, pissed-off Japan, plus a probably not-so-stable victorious Germany with a festering multiethnic mess of A-H right to the southeast. What could go wrong?
-France on its own is powerless, even more so without its colonies.
-Russia without Eastern Europe is a state of farmers and hunter-gatherers.
-Britain has no capacity to fight Germany on its own on land (and in future on sea as all those ships become obsolete, parts of the Empire go and air power becomes a thing).
-USA... why is it even there on the list? If it's mad it's mad at the UK for conning it into the war.
-Japan is a non-issue, it was a non issue in real life.
Britain, Russia and France part 2 wont become a thing because this time the Germans have all of Eastern Europe - Finns, Balts, Poles, Ukrainians, even people of the Caucasus as allies against Russia and can focus on France. The third time they wont leave it to its own devices afterwards, they'd occupy it all, beat the "revanchism" out of the population and reform it in their own vision.
So where does that leave A-H?
if it goes on it goes on, it has a pretty high population, usable natural resources and a good enough education system, it will be a valuable ally to Germany and eclipe France if it's just left to develop.
If it separates Germany gets the juicy parts (Austria, Istria, Bohemia) and a German alligned greater Hungary existing at the mercy of Germany due to having less than 50 % Hungarians.
The balcans nations fall into German economic orbit anyway, this is pretty much unavoidable, they'd have to pull Stalinism to keep it from happening.
Both outcomes are good in the eyes of Germany because the population of the lands making up A-H end up working towards Germanies goal, either as an ally or as part of Germany + smaller ally.
OTL after losing the war Germany was stable enough to avoid anti-democratic revolution and military coups, in this scenario the army is not disbanded, the country is not under starvation blockade until the 1920s, the country is not looted and disgraced.