It could in theory but would never have been allowed.

Let say hypothetically Germany maintain their alliance with Stalin. Stalin sat in Moscow and he hearing reports of Britain defeating germany in the battle of Britain, that Romney was chased out of Africa.

Britain decided that it couldn't allow the Nazis to rule Europe and didn't pursue peaceful negotiation. Then we have period where Britain airforce bomb Germany factories, in 1946 D-Day is launch with a million british empire troops successfully landing on French beeches.

Tough fighting but British empire slowly fights it way through France, slowly towards Berlin.

Stalin, knowing churchill didn't like him at all wouldn't have allowed Britain to reach Soviet borders, 1947 a massive Soviet army launched offensive is launched into Ukraine, Poland and several other easter countries.

A race between the Soviets and British empire towards Berlin would have begun. The Axis power is defeated.

The only difference this time the Americans won't veto Churchill wanting to wanting to attack Russia and remove Stalin from power.

Thus Soviet vs British Empire would almost certainly have happen at some point and could have lasted for years.

I'm ignoring Japanese front in this by I presume that Japan and America didn't go to war and once Japan hit India boarder they would have stopped and went about consolidating their power in China and rest of Asia. The may have been a chance that Japan, if it did manage consolidate it empire would have attack the Soviets and seize territory along the pacific coast.