I’ve never personally played the PTRs before, but I was under the impression that they maybe slightly favored the CPs already. Even if that’s not the case, I would say Neutral Italy already breaks the game for the CPs because Austria can now destroy the British ships off Egypt, land a guy or two to defend Trans-Jordan, and transfer all its units to the Eastern front Rd1 to prevent Russia from ever stacking Ukraine. If there’s no restrictions on the bid, Germany can take 4 inf in Africa and dominate that theatre for a really long time or draw Brits away from taking Ottoman money, and Austria can get an extra 2 art to help beat Russia, or you could give them 5 art and crush Russia outright.
The time-victory conditions for sure favor the CPs, since generally even in the OOB game while they’d be losing by then, they’d still probably be sitting on some enemy territory (most likely Russia), and worst case pushed back to their own borders elsewhere (except Turkey, where they’d be down some).