I think it could change a lot.
Russia had at least two centuries' baggage of serious problems dragging it down, but it took years of more and more disastrous participation in a World War to really blow the whole thing up. Anything that gives Russia even slightly more competent leadership and even slightly reduces the people's mistrust and alienation from government could have huge consequences. Even if the monarchy doesn't survive, it might last long enough to let the Russian Republic oversee the end of the war and take part in the peace talks.