What if German naval construction not slowed down? The Derfflinger enters service in 1915 not 1916. The Bayern is ready in time for Jutland and Baden shortly afterward. The 2 Sachsen class battleships, 4 Mackensen class battlecruisers and the 1 of the "Ersatz Yorck' enter service in 1917. What will the German navy do? would the battle of Jutland be any different? Will she try again in 1917 with the additional ships? Will Britain stop construction of the Admiral class battlecruisers? Post-war will there now be 4 Hoods?
As Riain said, it doesn't do much for the Germans.
Jutland might be either better or worse tactically for Germany, bit strategically, it will stay the same. German ships stuck in ports, Britannia Rules the Waves.
Hood's will likely be completed. At least two anyway. Modifications post Jutland may be better or worse depending on Jutlands results.
Post war, it means Britain has four big modern ships, so WNT will be different.
The tonnage limit may be 40,000, instead of 35,000. Other differences obviously, but will likely be explained later.