Did battlecruiser losses expose British cruisers?

How much did losing two-thirds of the Royal Navy's battlecruisers affect its cruisers by removing the heavy ships that dealt with raiders?

It reduced heavy backup, but the effect was offset by declining German raider strength, new fast battleships, sufficient cruisers, and growing carrier power.

Losing Hood and Repulse reduced the number of fast heavy ships available to finish a cruiser-led raider hunt. The effect was mitigated because Bismarck was also gone, German surface raiders were increasingly damaged or contained, and King George V-class battleships had entered service. Britain also shifted more of the interception burden toward carriers. The consequence of losing one ship type depends on simultaneous changes in enemy strength and friendly force structure.