This timeline is an unqualified success for Spain.
Nothing happens to them in 78 years since the joint Spanish-French invasion of Morocco.
No El-Annual disaster means no Primo de Rivera dictatorship, no Republic, no Spanish Civil war and no Franco... which apparently means it gets to keep the protectorate over the Rif, Western Sahara and Equatorial Guinea. And that last would mean it is an oil producer in 2000. I'd say it is a tremendous improvement over OTL.
Rather I suspect it has been forgotten about and left aside. After all, Spain doesn't usually play any worthwhile role in AH, except being the whipping boy for Britain, France, the US, or Spain herself via the ubiquitous Spanish Civil War (1).
I'd say that it was ISOTd to 1492 with colonies and all, THEN forgotten about in that timeline. In the resulting branch-off, 50 years later it rules the world with an iron fist and an empty purse. As expected of Spain, of course.
(1) Which curiously is always singular in popular wisdom, when it was -at the very least- the fourth such conflict in two centuries.