Not good for the URSS as the civil war was a very good business for them see:
https://en.wikipedia.org/wiki/Moscow_gold
Better for Italy as the intervention in Spain not only was strategically useless but was extremely costly for the nation (it was one of the reason the armed forces were in such dire state at the start of the second world war)...not considering having learn the wrong lesson from the war.
Less good for Germany, as the control they had over the spanish mine due to the war payment were important for the rearmament, as the combat experience gained there
Better for France as there is less internal tension due to the war in Spain as catalyst for the left and right.
Without the common interest in the Spain situation, maybe Benny will not search a more closer relationships with Germany and both London and Paris will have more time to solve the difference with Rome.