Graf Zeppelin did not need to sail to affect Royal Navy deployments. The possibility that the ship might become operational helped keep HMS Furious and HMS Victorious near home waters, with other carriers later serving the same precautionary role. Keeping those ships near Britain imposed a real allocation cost before the German carrier could fight. Completion would constrain British carrier movements even if Germany never secured favorable conditions for carrier combat.
Notable Point · 14:21-14:36
Graf Zeppelin already tied British carriers to home waters
Even before completion, the possibility that Graf Zeppelin might become operational helped keep Furious, Victorious, and later other carriers available in home waters.