How fast battleships made battlecruisers less persuasive

Was Fisher's reasoning behind Invincible wrong, and should the armoured cruiser have developed differently?

The original logic suited its time, but fast oil-fired battleships largely removed the battlecruiser's distinctive advantage.

Fisher's decision is regarded as understandable in its original setting. The difficulty comes when oil-fired battleships such as the Queen Elizabeth class offer nearly the same speed with much more armour. That combination reduces the value of accepting weaker protection for a battlecruiser's speed. In this interpretation, the fast battleship undermines the case for the type.