I would tend to think they would have tried to pull what they did in France during the Wars of Religion and would have eventually more mattered to Spanish continental policy.
You didn't had much of a clear goal once Mary died, apart that English support to Netherlands' revoltees had to be cut off : I think Spain would have eventually pursued a similar policy in post-Armada England than the one they did in France during the Wars of Religion : factionalism and prevent continental threats as much as possible.
That said, even if victorious (altough I don't think it would have been a clear victory), I don't think it would have been enough (or early enough) to crush the Dutch revolt, but it would certainly prevent Spanish prestige to nose dive, and maybe allowing Spanish Netherlands to come out stronger from it, compared to IOTL.
For what matter England, it depends.
Either someone sensible takes over the decision and in this case I'm not sure they'll even care to search for a more or less puppetised pretender coming out of blue, whoever command the expedition might be content enough with Elizabeth renouncing to Anglicanism (maybe under the pressure of part of English elite possibly more favourable to neutrality with Spain and/or under Spanish bankroll) and critically content with either taking control or destroying English naval capacities and infrastructures for the time being : after all the main objective is still Nethelands first and beneficing from English harbours when Habsburg's support and presence in France are going to disappear would be a clear military asset.
Not that I see such situation lasting long, of course.
If they're idiots tough, they'll do the same thing they did in Netherlands and it's going to fail, big time and really soon.
Not that their armies wouldn't be able to take a foothold in England and to defeat local forces, but Spanish resources would be limited as there is no reinforcement to except from Netherlands at this point, not a significant one at least. You'd end up with a really hostile population, and another revolt or guerilla to deal with on their hands at best, something looking to Bourbon takeover in France in the same time at worst.
In fact Spain could be in a situation oddly and amusingly similar to what Napoléon had in Spain : a costly, unwinnable war that you can't afford to loose once you're in. In this case, Spain only digs its financial grave deeper and more painfully than IOTL.