It will make the house of Baden (branch of the house of Zähringen) one of the major houses of the HRE. Provided Frederick doesn't die ITTL Italian expedition of Conradin.
However the Austrian nobility preferred king Ottokar II of Bohemia; so Gertrude and her husband Frederick will face a displeased nobility and an unhappy powerful neighbour (Bohemia).
Given the PoD it's also uncertain what the fate of the Hohenstaufen and Premyslid will be; and thus the meteoric rise of Habsburg and Luxembourg can be butterflied away.
Both these houses were regional powers, so they could still end up being created duke like IOTL Jülich, Kleve, Berg, Gelre, Württemberg etc. But unlike IOTL they wouldn't be royal/imperial.
BTW by this point the house of Baden was only titular margrave of Verona.