If Will is still Davy Jones for the majority of Dead Men Tell No Tales, then this would explain why Elizabeth isn’t in the film until the end credits – as the two can only see each other once every ten years, before Will’s son sets out to find his father.
This also suggests that Will is still serving as Davy Jones by the time that Dead Men Tell No Tales picks up.
Dead Men Tell No Tales costar Brenton Thwaites, whose character appears during the film’s teaser trailer, previously let slip that the movie is about “a young man who wants to reconnect with his father, Davy Jones.”
However things shake out, the larger implication here is that Dead Men Tell No Tales may set up future Pirates movies to be more focused around the Turners and less focused around Jack Sparrow.