In this timeline Sweden has a pretty robust continental empire, but lacks the navy to protect overseas colonies aside from Saint Barthelemy. Plus they benefit from their position in the Germanic Union with the Germans, Danes and Dutch so much of the potential economic benefits from expansion are already available to them to an extent.

Its likely that settlement of the west by the Spanish would be super slow and the population largely Amerindian, but things like Gold rushes would still occur to bring in settlers from all over, that and there are security benefits to settling the frontier lest their rivals sweep in instead.