Why Hermes still matters beside carrier conversions

Would converting Princess Royal and Lion into carriers displace the early British carrier programme?

They could plausibly replace Argus and Eagle, but not Hermes, whose new-build design tested different carrier-construction questions.

Converted battlecruisers could replace Argus and Eagle with larger, faster carriers. Hermes served a different purpose and would still be worth completing. Her purpose-built hull tested how small and efficient a new carrier design could be, while the conversions explored how existing large warships could be adapted. The exchange separates the lessons gained from conversion work from those gained through a new-build carrier.