You’ll still sometimes see the damaged Bismark attacked in SZ112, even with the 3 plane scramble.
But let’s go with your premise. The SZ91 cruiser and SZ109 DD can still attack your Bismark in SZ110 and then the planes can retreat to Gibraltar for a SZ92 stack . I would guess that this presumes that there was no scramble in SZ110. So perhaps if the UK scrambles anyway, the Bismark might survive the attack and the UK might not be able to weaken Italy.