The racial policies helped unite Germany, and from there go on to fight as it did. It could have united other, better ways, but simply without racial ideas and nothing else to unite it, Germany would not have been what it was. It would have taken another leader besides Hitler, who espoused different ideals, to have the same power and unity.
I think so, anyway.
But now if it didn't have that racist ideas and it did have the unity it brought, it is much more possible that they would have won. But at the same time, if were are looking at this alternate Germany, would it still have attacked as it did? The whole reason it did, or at least was justified, was racism. Without that who knows, could it have built itself into prosperity without invasion?
If we take this alternate Germany, we could look at another French or Russian revolution type thing (the later parts anyway, if there were no initial revolution to start if off). By that I mean, Germany takes on new ideas that aren't racist, I suppose it could still be fascist, though at some point you'd think those racist ideas would be played upon and effect the way foreigners were used, who knows. It could also have been communist or something like that, either way, here Germany could be united and not necessarily be racist and thus take on all the help it could get, as it tries to spread it's revolutionary ideas, and would most certainly be provoke war with the other major powers, as the French and Russian Revolutions did.
While I'm going alt history, depending on this Germany, the Spanish Civil War could have ended much differently, and Italy may have become an enemy (3 sides? Or would Italy be with the Allies?) or it may have mirrored Italy's (and therefore probably Franco's) fascism more, where racism wasn't really played upon.
All in all, I've said to much, but spoke my mind nonetheless.
cheers.