Those matters still have to be addressed. For example, how are the natives surviving the old world diseases? Its entirely different scenarios if they’re already immune (still, how?) or if there’s no old world diseases to kill them (again, how?), or if the new world diseases are just as deadly to the Europeans as the old world diseases were to the Americans.
Meanwhile, there is such a huge technological (not just material technology, ether, though that is the biggie) gap that you need to address how that is overcome.
There’s too many moving parts to address the question without having specifics. That said, if I had to guess, without any real information to go off, you’d likely see something similar to the colonial model used in Africa and Asia. Europeans would still be painting the map with their colors, it would just be native populations instead of settlers populating their overseas empires.