Depends on who emerges as favourite after Haro during a longer reign of Philip. Medina de las Torres was the only rational one in Madrid, or at least he recognized the desperate need for peace with Portugal. But OTL he had too many enemies at court and Philip never really showed interest in giving him significant power, more just used him to counterbalance Haro to prevent anyone from being established with Olivares' full powers. But he was able to use the tumult after Philip's death and the transition to Mariana's regency to push forward negotiations with Portugal.
So there's a danger that Spanish government under Philip that lacks a strong favourite just prolongs a deleterious status quo and sleep walks into another war with France.