Not an expert on the Eastern front but if Russia is a lot more cautious with it's strategies then it's good for them in the short term and bad in the long term. Russia's offensive's tied up a lot of German troops in east Prussia and Poland, Austro-Hungarian troops in Galicia and the Carpathian mountains to prevent Russia from entering the Hungarian plains and once the Ottomans entered the Causacus front.
Without those large offensive's required large amounts of troops to defend against those divisions are heading to the western front in a stronger push against France, into the Balkans putting more pressure against Serbia and Montenegro and depending on if any Balkan nations enter then Ottoman troops will be going into the Balkans or towards Egypt which means either the Balkans is a lost cause for the Allies or the UK will be committing troops that could go elsewhere to Egypts defence because even a potential threat to the Suez Canal is going to be treated like a knife at the jugular.
Better for Russia cause it avoids lots of death and less social unrest, but not good because it's Allies will be picked off one by one leaving Russia standing alone with two options. Either to make a unfavourable peace that while not very costly it's likely to cause a lot of social unrest and cripple, if not destroy Russia's image as Champion of the Slavs and leave them with strong enemies on the border and pissed off Allies abroad who will see it as Russia starting the war to defend Serbia and then leaving them out to dry.
Or fight alone against Germany, Austro-Hungary, the Ottomans and the other minor nations that join the Centrals for profit which will likely cause them just as much, if not more bloodshed then OTL which will end in a even more humiliating defeat, though the Reds may be less likely to rise in this case because the Conservative regimes of the Central Powers which are still strong in this world aren't going to want a Communist and Blood thirsty Russia near them and whatever satellites they carve out.
EDIT: While the UK is likely to make a negotiated peace once France and Serbia are gone, possibly on the ideals Status Quo because the UK can't invade the CP and the CP can't invade the UK. The UK keeps the colonies while Germany is left to do what the want on the continent, which will be a bitter pill the UK will have to swallow. Maybe Perfidious Russia/Moscow becomes the saying in TTL.