No, it wouldn't have; they just would have changed it back, as they violated lots of other terms imposed on them to prevent them from being a threat.
And if the Allies hadn't been just as eager to dump the restrictions, it would have interfered with the Allied response to Nazi Germany.
Controlling war isn't a matter of thinking up rules that will prevent it as long as no one breaks them. If it were, the Kellogg-Briand Pact in 1928 would have solved the problem.
