Actualy I think the Dutch would prefer that. The trouble begins with the reformormation. When the Netherlands is slowly turning protestant, it suddenly becomes a lot harder to ignore them (I doubt a catholic monarch would allow a significant part of their realm turn protestant in the 16th century). A good ruler would be able to handle it, but is hard. A Dutch revolt is still likely, but not unavoidable.
Believe it or not, the Protestants were a minority even in the Dutch provinces when the rebellion began, albeit a powerful one--and there's a good chance without Philip's heavy-handed championing of Catholicism, they might have stayed one.