They probably would have a similar policy than they had in France, during the Wars of Religion.
As Mary and its restauration disappeared as a strategic objective, it was replaced by the necessity to cut off England and Netherlands, isolating the latter as much as possible.
At the very least, tough, a successful Armada would be a huge prestige victory (that may not be fit, that said, to crush Dutch revolt). Meaning an improvement of Spanish politics on the continent (especially in France and Netherlands) that eventually mattered more than England specifically.
As for England proper...
It depends if the Spanish command is politically sound and realistic, or complete idiots.
If the former, they'll put in charge a generic Catholic pretender, or even keep Elizabeth if she'd renounce to the Church of England and agrees to destroy or renounce most of English naval capabilities, giving brething space to Spain in the region.
Remember that Philipp II wasn't that aggressive on Anglicanism or Elizabeth II, preferring relatively more normalized relations, as long it was at Spanish benefit as in : no anti-Spanish Atlantic alliance.
You may end with a pro-Spanish faction in England (among high aristocracy and landed middle-class, maybe?), supported financially and/or militarily, sort of English
Ligue.
Obviously, it would be short-lived (would it be only trough the lack of popular support), but would give some breathing space for Spanish policies on the mainland.
Now, if they act as complete idiots, they'd have pulled a Netherlands.
It would be costly and doomed to fail : they could defeat english forces relatively easily but without reinforcement, with the very likely guerilla, France turning all Bourbon...
Spain would be really isolated there, engulfed into another costly conflict that will probably provoke an earlier bankrupt with all that it implies.
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