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Spain did have some coastal African territories that are now part of Morocco, but yes, once the Axis lost there simply wasn’t any hope of expanding.
Of course, Italian irredentism at the time basically meant restoring the Roman holdings, so even if the Axis had won it probably wouldn’t have worked out in Franco’s favor, so he mostly just stayed home and murdered socialists, feminists, and gay people.
Spain did have some coastal African territories that are now part of Morocco, but yes, once the Axis lost there simply wasn’t any hope of expanding.
Of course, Italian irredentism at the time basically meant restoring the Roman holdings, so even if the Axis had won it probably wouldn’t have worked out in Franco’s favor, so he mostly just stayed home and murdered socialists, feminists, and gay people.