For whatever reason Ottomans are out of the picture in this scenario, let it be uprising against Selim Yavuz, 100% war effort committed to the fight against Hungary/Austria, no matter.
So Persians, by 1520 take place that ottos had IRL in that geographical space, what do you think the region and persian/ottoman rivalry would look like in the coming centuries? How different would be the relations of the now subjugated mamluk elite towards the shi'a ruler in Isfahan than towards Porte was? ( If I remember correctly they had fairly free reign up to Napoleon's expedition )
I think that for one this Persia would have no reason for obstructing the western trade with the far east, she would even encourage it as a way of harming the Turks even more, thus maybe slowing down the drive for the discoveries of the "western asian route" a bit. And since you would have your standard Franco - Ottoman alliance, the much discussed but never achieved Hapsburg - Persian one would be fairly possible as well as a working antithesis in the potentional wars.