If the border will be set in Austria Ottomans could use Carinthia as a way to attack Venice and threat Norther Italy?
To start with, they'd be having serious problems defending their new acquisition and I would not bet on their chances to do so successfully even for the next few years: army of the anti-Ottoman coalition, even without the PLC, was strong and competently led (soon after Vienna Sobieski left with his army and Charles of Lorraine reconquered Hungary on his own). OTOH, to defend their new acquisition the Ottomans would have to leave there a strong garrison with a resulting negative impact on their field operations so the conquest of Venice and Northern Italy would be rather low on the list of their priorities.
Also this will influence Polish elections and maybe in 1697 Prince of Conti (who wanted peace with Ottoms and was hostile to Russian Empire) will be able to defend his rightful Crown with French and Ottoman support against Frederick Augustus of Saxony.
I hate to do this but there was no "Russian Empire" in 1697.
Loss of Vienna, even if the following counter-offensive is not as successful as in OTL would not remove Hapsburgs from European political game and, unless there is a much earlier peace, situation is the same: candidate of the Hapsburgs and Tsardom of Moscow vs. pro-French candidate who (a) was not too eager to take the crown and (b) did not have his own military force to support his claim.
And if Hasburg lost their credibility together with Vienna what about the Austrian Succession War? Maybe Bavaria will be able to take the big prize?
1st, loss of Vienna would not mean loss of "credibility", whatever it is supposed to mean. 2nd, there are quite a few things happening between this event and the War of Austrian Succession: War of the Spanish Succession, GNW, War of the Polish Succession.