But yes, this either ends with Soviet Russia being crushed and socialist America barely holding her own and hunkering down in the New World, or else the Russo-American Red Army will steamroll Europe and plant a red flag over London.
Ok going from the map
Abyssinia is neutral and apparently independent, so no second italo-abyssinian war and no waste of italian resources there and there are also no Jugoslavia with just Megaserbia and Slovenia and Croatia sandwitched between Italy, Germany and Jugoslavia (not considering Red Hungary).
Spain is in civil war? Otherwise not only there are even less waste for Italy
Regarding the URSS and the USA (or all the other communist nation) supplying each others, well one must consider that not only they must fight agaisnt the Royal Navy but also the Marine Nationale, Regia Marina and the IJN...and honestly if the red navy is like OTL they will be out of the game very soon; the USA on the other hand if they had gone through a civil war recently they will be in worse position than OTL regarding building a two ocean navy (and they have lost their bases in the Philippines and Haway) but on the other hand their army (and air force) will have at least a more modern doctrine and better training from the beginning.
Technological wise, well for the USA there will be also no Tizard mission and a lot less emigration from both workers and scientist...so they will be also a tech gap
Versailles seem to be different from OTL or at least the 20/30 very different, we had Anshluss, no polish corridor and lithuania is a little larger (poor Poland)
Italy is fascist? If not we can have a much m ore efficient military but in any case in an alliance like that, his OTL problem of supply are magically gone
Germany? Nazi, generic authoritarian regime or continuation of Weimar Republic? Jews situation
Canada is neutral? It's no more a Dominion member of the British Empire? I think that they will be scared a lot for their new neighbourg...unless under new management
Sure the communist can prop up some leftist group, but this are the 30's not the OTL 60's, there are a lot lot less of them, there are much more limited nationalist and independentist movement (90% of them are in India) and they are much more difficult to supply as there is not the widespread distrubution of weapon due to (still) no WW2 and the ports are under european control so they can smuggle something but not that much. Take as example Lybia, fascist or not fascist the pacification will happen more or less like OTL and after that the locals had fear to even look funny to the italians.
While you are right that the anticommunist alliance is widespread and different, a lot of them had serious beef with russia previusly and they know that if the communist/russian arrive their independence will be gone and the bad old days will come back, so they have a lot of incentive to fight
Plus what type of communist regime are the USA and the URSS? Stalinist type will have an hard job to survive any invasion that's not have genocide as objective like the Nazi one, as anyone more sane can get much much more local support