Why no treaty might widen the Allied industrial advantage

Would the Allies still win if naval construction had not been restricted by treaty?

Probably sooner at sea, because Britain and the United States could outbuild their opponents continuously and avoid rebuilding a hollowed-out industrial base in wartime.

Without treaty ceilings, Britain might sustain a steady program of destroyers, cruisers, and successive capital-ship generations rather than pay for a late crash expansion. Older C-, D-, V-, and W-class ships could be replaced before war, leaving a newer fleet in service. The United States could similarly preserve shipbuilding capacity that Japan could not match. Germany and Italy would enter the war against larger, newer fleets while the Allied industrial base remained ready to accelerate at lower cost.