Maybe the H-L pact it's implemented, with Benny being less indecisive and more prone to end a costly adventure; this while not really sour relations between Italy and the Entente as OTL...will create some serious attrition and the LoN while not discredited like our will end with her reputation seriously damaged.
On the italian side, things will be good, the colonial adventure was a very costly vanity project for Benny and between the war, the pacification and the money wasted in grandiose idea of developement it was a serious waste for the not florid finance of the Kingdom; so there will be more money for the modernisation of the armed forces and for other civilian project, plus there will be no or at least a much reduced attachment towards the German economy making us much less dependent of Hitler and co. Not only that but the sanctions created serious problem to the italian economy...even if in an indirect manner, as Mussolini started seriously is autarchy project so in little time many higher quality foreign product were substitued by lower quality local (and the same goes for much of the raw material).
Finally the colonial war and the following sanctions were a political treasure for Mussolini, with the italian people greatly supporting him and allowing to start both the autarchy but also a much quicker fascistization of the entire society...basically it was the zenith of his power and internal support, without that he will be a (little) diminished and better remember that he never had the same power of Hitler, Franco or Stalin.