No matter how prophetic the believers are, aircraft simply cannot fully deliver on the promises to sink a battleship until nearly 20 years later. They are certainly invaluable for scouting, fire observation and harassing an enemy, fitting into the scouting vanguard. Whether one goes for multiple ships with larger combined air groups or larger ships with large groups the intervening years will see the carrier battle the battle cruisers for pride of place in that role, especially as we should see the fast battleship come into being sooner. And I feel that the RN will always face the prospect of being in range of land-based aircraft, thus some form of protected carrier is obvious to them. We can say the same for France, Italy, Germany or Russia. Japan and the USA are mostly moving over open ocean and they challenge is finding the enemy and striking first, thus bigger hulls, bigger groups and less protection.
We should see the RN shift to aircraft that can compete with land-based aircraft as soon as possible. But the RN also has to operate in the dismal North Sea and North Atlantic, so that favors the big gun battleship longer, handicaps deck parks and drives two seat aircraft with navigators. I think the RN looks rather like it did. Settling on a big armored carrier more about scouting, fleet air defense and anti-ship strike as a third priority, operating as the center of the scouting vanguard supported by heavy cruisers to screen and breech the opposing scouts, light cruisers to go scouting and harass the enemy destroyers. The USN and IJN look similar but do with less protection and can use deck parks, might lay off fleet air defense longer, push strike up equal with scouting and we know Japan adds the cruisers as a long-ranged torpedo element. That should converge us to about 1938 looking rather the same.
Having read Genda's thoughts I think the carrier and land-based aircraft by about 1938 truly offer an alternative to the battleship and the decisive battle, from thereafter the choices should have been to buy carrier and aircraft and move to quality on battleships, faster the better, but never buy one if you need more airpower. Reality is that a generation of surface officers must retire to get us there so it would not be much before 1948 before the carrier becomes the capital ship and land-based air becomes the rock of defense. I do not think the WNT could alter it and having none accelerates things, it takes time to get the airplane lethal enough and the mindsets poised to shift.