Frankly it's hard for me to see how Germany could muster much of a Navy at all given the POD is any time after OTL end of WWI and the Versailles treaty. They would always be starting from too far behind. The trouble with building up a big Navy would be, it would be seen as a direct threat by the British and they'd get serious about enforcing the Treaty on Germany.
People are forgetting here, that Germany initially planned to go to war in 1944-46. That's what the whole planning was based on. So, it the GZ was just the first carrier with only the available fighters at that time point. Had the war not started in 1939 and Germany found the money to keep going, they would have had their carriers ready at 1944 with other air wings.
It makes no sense to me whatsoever that Hitler was intending to hold off
all war until 1944. He had neither the inclination to wait that long nor much choice about starting it sooner.
However I certainly have heard here and there that he had no intention of going to war
with Britain until such a late date. So this statement might stand as true enough just regarding the Kriegsmarine. Certainly if Hitler's plans for conquest worked out the way they did in his head, with the Reich becoming master of territories comparable to what Germany was conceded in the Treaty of Brest-Litovsk in the east, the British could complain all they wanted and not stop him from having time and resources to make a big, diverse modern navy.
It's that first step that was the problem; I'm very skeptical that even if the British and French had reneged on their treaty obligations to Poland and sat it out while Hitler and Stalin divided first Poland between them and then split Eastern Europe up into spheres of influence, that when Hitler turned on the Soviets (who would not have gained much beyond their allotted portion of Poland, because essentially no Eastern European governments in power except maybe the Czechs had any intention of allying with the Soviet Union) he'd still lose in the end, even if the Western nations still sat back and did nothing.
So insofar as it was true that the Kriegsmarine's turn would not come until Russia, or at least European Russia, was subdued, then it's all paper anyway; the ships would never be built.
And of course it's fatuous to think that the British would have sat it out forever until a big German Navy came calling. After the Anschluss Hitler was clearly becoming the dominant Continental power British diplomacy traditionally would seek to form coalitions against; I for one interpret Chamberlain's "Peace in our time" speech in the light Churchill put it in his memoirs--at that point, or at any rate once Hitler reneged on his promise to leave the shorn and humbled Czechoslovakia alone once he'd been granted the Sudentenland, the then-PM knew Britain was in for a fight with him sooner or later, and was just trying to buy time for Britain's current modernized rearmament program to have some effect. In that light, it was very disingenuous of him to claim "peace in our time," but technically he'd have been right--if Hitler had kept his promises.
But Hitler I believe did think he could persuade the British to stay out of the war, and have time for a suitable navy later.
----
Honestly if one wants a mighty Kriegsmarine to go head to head with the RN in the 1940s, I think we need a POD where the resolution of the Great War is more of a truce and less of a collapse of one side or the other, the so-called "White Peace." Such a ceasefire, either with neither alliance strongly victorious or with the Germans winning on land but completely unable to challenge Britain on the high seas, would lead to a situation where both sides were free to build up a new Navy, and then I can imagine the Germans participating in the interwar evolutions that would give them among other things, carriers and their associated task forces come 1940 or so.
All of this is quite aside from the AH cliche of the Germans having lots of war Zeppelins, which in my view could only hope to be war craft if they were themselves carriers. Perhaps one could even imagine the Germans building up squadrons of Zeppelin aircraft carriers in secret, and springing them as a fait accompli on the British before they could object. But the logistics are admittedly daunting!
Well, merits or demerits aside the top Nazis generally hated Zeppelins so if it is a Nazi Kriegsmarine one is talking about that option is clean out anyway.
Aside from U-boats, I just don't think that Hitler could have built up much of a Navy without the British cracking down on the Reich while it was still too weak to prevail, and for that reason Hitler did discourage the Navy from anything ambitious until a later phase in his plans for conquest--a phase that could never arrive.