Not accurate.
The Nips did OK, and the Italians gained a lot of territory from Austria. France probably came close to breaking even in ending up with money and a couple of German states. Britain picked up chunks of Africa, but that probably wasn't worth the cost. The big winners, however, were Poland and Finland.
And how did that work out for them?
Nips ?
…….
Both Italy and Japan felt that as Allies in WWI, they got the short end of the stick, compared to the French and the British.