Yeah, but at that time it seemed very unlikely that he'd be in line for the French throne. Circumstances could allow him to go back on that, and ITTL he'd have the military strength to back it up. After all, Louis XIV publicly declared that he should still have his rights to the succession.
In the eyes of the traditionalists at Versailles, one cannot renounce his rights to the french throne. With a bit of contempt, they argued that the rights to the spanish throne could be renounced, so in the event of a personal union, the king should renounce to the Madrid throne. In this event, his second son should have Spain while the eldest is heir-apparent to Spain. However, the will of Charles II specified, as
@Tonifranz said, that in this case, it is Berry, the younger brother, who is line rather than any son of Philip V.
In all the different succession plans pre-1700, the french annexations goals were Italy (Naples Sicily) first, eventually Savoy in place of Italy, and Lorraine. They never considered a Netherlands annexation. So we can imagine in a major Bourbon victory a Lorraine annexation with a compensation in Italy (Milan ?) for the Duke. Another point is the settlement of the (future) Tuscan succession, as the Bourbons ITTL would be in a better place to dictate their will.