That depends on what she'd use if for. If she started to dabble in day-to-day politics, say, demanding funds for a certain issue in the budget, then yes. But if

That depends on what she'd use if for. If she started to dabble in day-to-day politics, say, demanding funds for a certain issue in the budget, then yes. But if a prime minister was successful in getting support for abolishing the limits on when to hold parliamentary elections, or other such irreversible steps towards totalitarianism, the Queen might very well intervene, and, in the long term, be applauded for it. I think it's likely that this safety valve helps to keep such attempts at bay. But the essence of my argument isn't that I disagree with you (much, at least) on that point. It's that a monarchy is a monarchy as long as there's a monarch with formal power, no matter if they're exercised or not.