The scenario has one big gaping inherent implausibility.
I haven't really pinned down the actual date and details of alt-WW1, just the general outcome.
Needless to say that for this scenario to pass, Britain and France do not conduct strategic reapproachment (because of more tensions at Africa or Mediterranean, different key diplomats, you name it), while honorable Sir Grey is fully focusing on ducks instead of diplomacy. Meanwhile German diplomacy is less disastrous than OTL - not enough to bring about any real alliances, but enough to sooth the tensions so that Britain is content on watching the growth of German power as a counterbalance to Russia with dismay but instead of an outright alarm.
I'm imagining a scenario where the Balkan situation goes a bit differently - Aleksandar Obrenović marries a proper royal and is bit less clueless, hanging on with his pro-Austrian policies and preventing a formation of OTL Balkan League.
Russian refocus to Balkan affairs still leads to a formation of a weaker league with Bulgaria as the central lynchpin. Abdulhamid II is killed at Yıldız in 1905, leading to a different Ottoman regime that defies the Bulgarian declaration of independence in 1908 during the Bosnian Crisis, starting a chain of events that leads to Russian mobilization that is followed by Austro-Hungarian, German and French mobilizations. With Colmar von der Goltz taking over in German military leadership in 1906, Germany defends in the West, while Poland turns into a carnage as Austro-Hungarian, German and Russian armies clash with modern weapons and without the learned lessons from the OTL Russo-Japanese and Balkan Wars.
The French attempts to storm Alsace-Lorraine fail due lack of heavy artillery and strong German defences, while in the East Russian Army led by Kuropatkin is found to be less formidable than the Germans initially feared. Without the unrest and reforms of 1905, the simmering unrest in Russia boils over quicker than OTL, and the new government sues for peace that hands away Poland and a bit of Baltics south of Riga.
Britain orchestrates a peace conference where France gets away relatively easy territorial-wise as far as Europe is concerned, while Germany makes gains in Africa.
Without Haber–Bosch process the Central Powers are at the mercy of the threat of an effective economic blocade, providing Britain with a leverage to use.
The peace leaves all sides less than satisfied with the outcome, and the massive carnage of industrial-level warfare causes a strong rise of pacifist centiments all over the continent.