I think its very unlikely Germany doesn't pick up any concessions in China, everyone else with any commercial interest there was doing so, except for the United States. The other parts of the German colonial empire probably go to the same colonial powers that picked them up as League of Nations Mandates. So nothing much changes.
I'm not sure how much the resources the British used against the German colonies in World War I could have been used in other theaters. It probably would have helped, but its hard to say how many days earlier the war would have ended if at all. But if World War I doesn't get butterflied, the French and British probably conquer Libya.
Belgian Congo gets divided between Britain and France, with the British probably taking Katanga and the French taking the rest. The situation is not as awful there, so there are butterflies here because lots of lives will have changed. We also don't get "Heart of Darkness". Roger Casement does not become an activist. One potential big butterfly is that the Germans may have been influenced in their decision to invade Belgium because they figured it was effectively a pariah state (and it should have been), maybe they reconfigure.
France probably gets Eritrea and Britain gets Italian Somalia, though Ethoipia might keep Eritrea. If World War I is not butterflied, Greece takes Rhodes afterwards and, unlike Smyrna and Thrace, keeps it.
If World War II happens on schedule, thee is a bigger change if Libya is not an Italian colony. No North African campaign, including no Torch. This will help Germany until 1943, since they have a couple more divisions and a lot of fuel, fighters, air transport, and trucks they can use in Russia. Italy may likely be neutral, since the Ethiopian invasion and the League of Nations condemnation hasn't happened. Look for the Americans and British to try to invade either France or Norway in 1943.