Depends on its purpose.
If it has to do battle against a competent and decently-equipped foe (Russia, or possibly China) then no, its life expectancy in-theatre will be less than 24 hours, since it lacks anywhere near enough escort ships and subs to keep it alive, and its fixed air wing will consist of the wretched POS that is F-35B—an aircraft with the dubious distinction of being less capable in every respect, save rapidly-obsoleting stealth, than any of the planes it's replacing at well over three times the cost. If you were remotely serious about strategic aircraft carriers and the projection of force you'd have built a minimum of five with CATOBAR systems, full strength air wings and enough escort ships to form proper carrier battle groups. But then, of course, you wouldn't have been able to piss money away on the giant penis that is Trident, which provides such reliably moist dreams for imbecile government ministers. (Here's a clue for morons in Cabinet: Vlad is no more scared of your soon-to-be-obsolete SLBMs, which you rent from the Americans and can use only with their permission, than he would be if you kept a couple dozen or so 100kT sui generis cruise missiles handy: just being able to obliterate Petersburg, Moscow and say Murmansk is sufficient—you don't have to glass the entire Russian landmass. Cruise is cheap, easy and can be launched from non-Trident subs ... but maybe it doesn't make ministers feel macho enough?)
On the other hand, if the purpose of the QE live targets is really to have milled some steel in Gordon Brown's constituency; to get some bragging rights and a seat, or at least be tolerated, at the Big Boys' Table; and to spend £1.7m per mission, including the cost of missiles, annihilating a Persian shepherd whose $150 pickup truck had the misfortune to share a paint scheme with that of Mohammed al-Baddie (now only #164 in line to be "Critically Important ISIS Leadership") ... why, then you've spent every penny with the judicious competence and wisdom we've come to expect from British governments!