The breach between Italy and France+Britain is put off for years, likewise the alignment of Italy with Germany.
That means Italy will continue to oppose the unification of Austria with Germany. While Italy by itself can't stop Germany, France+Britain can effectively resist it with Italy.
Probably the Anschluss is delayed for a year until Hitler finds a way to buy Mussolini's support. It won't be technical aid, as with the USSR in 1939; the Italians won't accept that they need any German advice.
It might be German support for Italy's Balkan ambitions - a partition of Yugoslavia, or Italian takeover of Albania.
But IMO, in the long term, Italy and Germany will come together. However, the delay will have important knock-ons.
Supposing the crisis is delayed until the fall of 1940; then Britain may have another election first. It would take a historic swing to bring Labour to power, but it might be possible. Also, Chamberlain would become seriously ill first, so the Conservatives would have to pick a new leader, who (absent the war) would not be Churchill. (Nor HalifaX - a peer as PM was not acceptable anymore.)
There would be a knock-on in the US as well - the 1940 election would begin before the war started, perhaps removing the drive to nominate Willkie instead of one of his isolationist Republican rivals. Also, FDR might retire instead of running for a third term; OTL, he seems to have felt that he was particularly needed in the war crisis.
In the Pacific, it allows time for the Flying Tigers to get into action before the US is pulled into the war, maybe.