What monarchy? It had already been overthrown by the Young Turks many years earlier and the CUP was in power in whats known as the Second Constitutional Era. There was a countercoup attempted against them which was crushed.
The CUP would later fall from power following defeat by Italy in Libya and be replaced by the Liberal Union, when following the defeat in the Balkan Wars the Young Turks would cease power again in a coup.
They then formed what can only be described as a triumvirate dictatorship with Enever Pasha, Talat Pasha, and Cemal Pasha. They weren't the most effective of rulers certainly, Enever Pasha in particular botched almost everything he involved himself in and was delusional particularly toward the end of the war with Pan-Turanian dreams of conquering the Cacuses and Central Asia. However the reforms and modernization did show notable sucesses, the army was becoming more effective and well equipped, and it was already playing a major role in the political scene. Secular education was established with schools and universities, railroads and industry were being built and developed, Ottoman rule was firm in the provinces moreso than it had ever really been before thanks to railroads and the telegraph, and the oil was just beginning to become important.
The Young Turks were Turkish nationalists which was problematic in that in schooling and such things they tried to enforce the Turkish language, and implement a sense of Turkishness and Turkish nationhood which notably excluded the Arabs this was something of an abondanment of the earlier notion of Ottomanism that everyone was a Ottoman regardless of if they were a Turk, a Arab, Jew or a Christian. The Young Turks were in some ways a breakway sect of the Young Ottomans.
At any rate, what I envision if the triumvirate had remained in power is that there would be more Arab revolts, but most of them would be suppressed with military force, the majority of the army was made up of Anatolian Turks anyway by this time, thought there were significant Arab elements. Eventually as happened in OTL they would be overthrown not by the Arabs but from the military someone like Mustafa Kemal would become popular and well respected and seize power.