No, but WW2 accomplished what I'm suggesting a war with Italy in 1933 might have: the reformation of the French military. For starters, perhaps they'd skip having six entirely separate single-seat fighter programs enter service between 1938 and 1940.
France had six entirely distinct single-seat, single-engine, monoplane fighter programs in production between 1936 to 1940. Bloch MB.150. Specified 1934. First flight 1937. Introduced 1939. Morane-Saulnier M.S.406. Specified 1934. (same as the MB.150). First flight 1938. Introduced 1938...ww2aircraft.net
That is not what cost the French the war. What cost them the war was the poor morale and training of their army, which was due in large part to the politics of the Third Republic. I remember reading somewhere that France had 30 governments between 1919 and 1940.
That problem is not going to be fixed by a war with Italy. It bespeaks deep divisions in the body politic. Because the French Army was conscript, those divisions were introduced into the army itself.