The (or at least one of) the direct triggers for both genocides have probably gone - no war with Russia and presumably an undefeated Ottoman Empire at the end of the war (maybe ... whenever that is).What will an Ottoman neutrality mean for the Armenians? Will they be spared their OTL's fate or did that happen independently from the war? With no way for Greece to go through with their Megali idea what will be the fate of the Greeks in the Ottoman Empire?
For now, the Turks are probably a little more confident and a little less desperate. However, it's still a powder keg, and old grudges aren't going anywhere.