Attacking strict neutrals would be very risky for either side. I could see the axis doing it, before the allies. The axis would have to coordinate their efforts to take out all the big boys before the allies could swoop in to gain the free units. I think you would have to start w/Italy invading Turkey, plus what else it could reach in Mid east or South Africa. Then Germany could invade Spain and Sweden before the allies could get there (US would have to be out of position, or not yet at war). If you started the invasions w/Germany, Russia & UK would swoop in before Italy to claim their free inf. Of course I think Germany could attack all 3 major strict neutrals in the same turn as well, because I think Germany can invade Turkey from Greece (land/bridge). Your still giving the allies the Mongolian and Afghan forces, unless Jap has them beat back at the time, plus the S Americans.
In any event, say the axis are successful in their attacks killing the inf, and gaining most of the tt. Say there wasn’t much left for the allies to claim. I would still think in the long run it might come back to bite them in the A$$. They will have lost some units in the battles, and will be spread pretty thin. They now have more tt to def from counter attack, or major allied invasion. Spain would give the allies another shore to perform a major amphib, and Turkey would allow Russia/UK to tag team Germany through that same land/bridge w/o messing with Russia’s NO. I can see some short term advantages though, like Italian amphib into the Black Sea, or extra $ for a round or two, but would the advantages out way the risk?