So in a timeline where the Dutch provinces are not under Spanish control but rather under Austrian control how would it develop differently from OTL. Would it still develop professional armies and revolutionary economic models, what would happen to the lands now considered Belgium and what are the outcomes of the dutch colonies.
It depends on how stubborn and unflexible are the Austrian Hapsburgs comparing to the Spanish ones. Open religious conflict in the Austrian territories started much later than in the OTL Netherlands so one may assume a different time frame for the Dutch Revolt as well.
(a) No Spanish-French wars on the Northern border of France and Spain, in general, is better off economically not having to fight 80 (?) years war against the Dutch AND also wars with France. Franco-Spanish conflicts are limited to something like Mantuan War.
(b) The OTL cause for the 30YW becoming an European war is gone (no need for the Spanish Road) and on the initial stage of the conflict Austrian Hapsburgs are in a much worse position: no troops from the Spanish Netherlands and probably no money (ditto for the later stages of the OTL conflict when the Spanish army was directly involved in fighting in Germany). Not sure if without the Spanish troops from the Netherlands the imperial forces would have enough numbers to win even against the opponents as talentless as in OTL. But victory in Bohemia would be probably less politically decisive and perhaps Ferdinand simply would not have enough resources to start pushing around the Protestant princes (Wallenstein still being a wild card but his task is much more difficult with the Netherlands included).
(c) The rebellious Netherlands will have to start developing their military system only in a process of the 30YW (or its AH equivalent). However, with the Austrian Hapsburgs being extremely busy in Germany and Spanish ones not involved, they may not even need anything "revolutionary". As a domino effect, Gustav Adolph does not have a ready practical and theoretical model for modernization of his army. He may or may not come with something like OTL on his own but the Swedish-Polish wars may last longer thus delaying his entry into the German conflict.
(d) Austrian Hapsburgs being in a much worse position than the Spanish ones (Ottomans on the East; German Protestants on the West; no army, no silver and gold from America) would have much greater problems retaining
any part of the Netherlands.
(e) Netherlands are better positioned for a faster and more complete victory. The main issue could be sorting out what goes to the new Dutch state and what to France.
(f) Phillip II does not have OTL reason for sending Armadas against England (he lived for years with their piracy and eventually Spaniard figured out reasonably effective methods of defending their colonies) and people of the future are being spared the self-righteous Anglophonic movies and books involving the evil Spaniards, English fighters for the freedom of religion (approximately as plausible as the modern movies in which Spartans are defenders of freedom and democracy), Elizabeth inspiring the troops, etc.

OTOH, if he has no other problems to amuse himself with, he can play a more active part in the French Wars of the Religion (in which case the whole thing may be much more messy).