Oh for certain, the scenario is different. However, I think you underestimate just what damage Britain's defeat and near bankruptcy would do to the empire's prestige. I wouldn't predict that British rule would collapse immediately, but the perception of near invincibility and stability the empire once had would be gone. He's not a military historian, but Robert Tombs in The English and Their History sums it up best I think when he says Britain had to win the Great War. The consequences of it not doing were unthinkable in regards to the country and the empire.
Ultimately, we don't know. Perhaps as you say by giving India dominion status their loyalty could have been maintained. But I'm skeptical to say the least of areas Britain wouldn't be able to militarily crush with ease, continuing to pin their flag to what would have been a humiliated and vastly indebted nation.