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Without WW1, the Russian Revolution may not have happened. There may not have been the USSR with many millions of people slaughtered or enslaved. Perhaps no Korean War and Viet Nam war or no Cold War. Without WW1, perhaps no rise of the Nazi Party and Hitler. WW2 might not have been a world war but only a war to contain Japanese imperialism. Without WW1, perhaps the British Empire would have endured through the twentieth century.
As for dreadnoughts - symbol of the arms race - that weapon never got tested - much the same way as we escaped the Cold War without the use of the A-bomb.
MM
An example of comparable dreadnoughts, German and British:
Kaiser-1911, 24700 tons, beam-95 feet, 10- 12 inch-50 cal. guns, designed speed-20 knots
Thunderer-1911, 22500 tons, beam-85 feet, 10-13.5 inch guns, designed speed-21 knots
The British devoted more tonnage to guns and engines(HP), the Germans, less HP and smaller guns and more armor.
In reality the speed differences were negligible and the German guns fired a projectile at higher MVs with a better BC so that down range performance was as good as the British shells especially considering the somewhat poor performance of the British AP rounds.