This changes a bit in Italy politically as it eliminates a major empowering/recruitment factor for OTL's nationalist/irredentist/imperialist factions which helped push Italy into WWI and formed a core for Fascism. Now, this may alienate and radicalize these factions earlier, or may limit them. Maybe Mussie stays Socialist, who knows? Too many randoms in there to know for certain.
It also eliminates a major tension between Italy and the OE once whatever ATL form of the Great War happens (rather inevitable in some form by this point, IMO, assassination or not). It's way up in the air whether IT gets involved or not. If Giolitti is in the PM slot then the answer is "no"...probably takes the south half of Trento as a buyout and watches hell break loose.
No Italian Libya for Fourth Shore delusions, possibly, unless IT claims Libya from OE after *WWI. I'd guess the Entente would throw IT that dry old bone.