DId the queen of england make the supreme mistake of relinquishing her throne to the people's parliment?

England is a monarchy, however, it was not a monarchy throughout it's history. In the times when the Throne was the country's most powerful seat, England became a renowned empire and grew into a world power. However, recently, after losing out on the power struggle, England has become a relatively low key super power. Did the Queen of England make a mistake?