I think people forget that at the time of World War One Germany was not the dominant central European power and nor was it even the dominant German speaking country. It's only because modern Austria has become neutral that Germany raced ahead and overtook it after 1955.
The Austro-Hungarian empire was a sovereign colossus; today's Austria, Hungary, Czechia, Slovakia, Slovenia, Hungary, Croatia, Bosnia-Hercogovina, Serbia, Montenegro, FYR Macedonia, Kosovo as well as bits of Poland, Ukraine, Romania and Italy. Think of the cultural and linguistical differences in there.
Its dissolution and downfall was not only a direct result of World War One but it was a direct cause of it. With no WWI, Vienna would still be the dominant city it historically always was. Essentially, it would be the capital of Europe.
Any Cold War in said alternate history would have seen a third, genuine superpower right on Moscow's doorstep. A Cold War was an unavoidable certainty in the 20th century and if Germany, with Austro-Hungary as an ally, were the dominant powers with nuclear technology, a World War would only be a matter of time. The United States would have far less influence in Europe and the Cuban missile crisis might well have become the Kiev missile crisis instead.