No this will allow France to create an Anti alliance with Sweden and Ottoman Empire. This is important because the Ottoman Empire will keep the Habsburgs from fighting France by keeping their Army busy in the East and Sweden will keep Habsburg allies in East from aiding it against the Ottoman Empire
Regardless of his religion. James II will still be autocratic which will keep him conflict with Parliament and by extension the English upper class thereby preventing him using his resources against anyone Europe because those will be spent against rivals in his own Kingdom.
He may become important in the Ottoman invasion creating more prestige in France
I agree....to disagree.
But, accepting your scenario as valid (which is unlikely, but also isn't ASB)....
The French/Rhineland theater is going to be over in a blink of the eye, leaving France the absolute top dog on the continent. They were already top dog, OTL, but here, they're going to be more powerful. Louis probably gets even greedier, pushing for more. The alliance against him will be weaker, so he'll get his way. The WoSS is a hands down French victory (IF anyone dares opposing France). With so much going differently, the Bourbon die-off in 1711/12 is likely butterflied, and Spain/France will be friends (unlike OTL)
The Habsburgs are finished as a power. Prussia rises as a power, filling the vacuum left by the collapse of Austria.
Sweden and Russia will be the hotspot. Ottomans should be able to handle their rivalry with Russia.
France likely consolidates their position of extreme power and minimizes assistance/alliance to both Sweden and the Turks. France does not want other big dogs anywhere near them.
France still has a navy, and will maintain it, allowing them to hold on to, and expand, their colonial empire. France will, at minimum, share Rupert's Land, but will be in a position to possibly take all of it. France will hold dominance in Acadia.
During the great famines of the mid 1690s and early 1700s, France will have the resources and ability (not being in a constant state of war) to deal with it, meaning millions of dead Frenchmen are available to build the French Empire.
In the unlikely event that Louis is satisfied with his gains (although, apparently Louis is a bit wiser here), he has resources and manpower to make proper colonies of New France. Say goodbye to the USA.
In England, the acts of Union, and exclusion, are butterflied. With no influx of Dutch knowledge of financial/banking, England doesn't rise to the top of that field. Industrial Revolution is likely slowed and/or is led by others. England is isolated, since they've decided to let France dominate the world.
Discard everything you know about the 18th century, and beyond, because it will be almost completely different.
Now, all that is a bit of a France wank. The other side of the coin is that Louis never met a situation he couldn't get the least out of, so it's quite possible everything is bungled. Eugene takes a cannon ball to the face in his first battle. Sweden discovers it isn't all that good on the battlefield and is defeated by a coalition of all its neighbors, who don't want a strong Sweden. The Ottomans bungle their way to a draw, leaving the Habsburgs intact. France makes gains, but (as they did so often) minimize their gains, but maximize the enmity of the world. The Dutch minimize their involvement, concentrating on preserving their ability to defend themselves. England is a mess, as James is a bull in a china closet, creating a huge turbulent mess. He's cast aside, and a regency created if he still has a young male heir. Perhaps there is no male heir, and Mary, alive in Dutch Republic, ascends the throne. William and Mary get to the same place, but no messiness of the Glorious Revolution. The power of the crown is severely curtailed no matter who takes the throne, and the new power structure looks to protect their interests against the dominance of the French. The world stage is left more or less as OTL on the eve of the WoSS. The Spanish hate the dominance of their French neighbors and refuse to accept a French candidate. Joseph Ferdinand and his mother live as the TL of the 90s is changed. They become the preferred candidate of the world, and France blunders the war. France is now surrounded by hostile neighbors who take every opportunity to knock them down. The Grand Dauphin lives, as he's in a different place that fateful day and doesn't get smallpox. He ascends the throne when XIV dies and proves that he is the idiot his detractors said he was. He bungles badly, leading France down a path of ruin.
Or, anything in between those two scenarios.