Finishing Malta-class carriers instead of rebuilding Victorious

Was cancelling the Malta class a wasted opportunity, and would scrapping older carriers to fund them have been worthwhile?

In this counterfactual, completing the Maltas is the preferred investment because new, larger carriers could support naval aviation for decades, while rebuilding war-worn hulls placed heavy demands on the budget.

The answer favors scrapping the older carriers if that would allow the Malta class to be completed. Wartime damage and heavy service limited what could sensibly be recovered from the Illustrious-class hulls. The proposed Maltas are compared with the American Midways as ships that could have supported naval aviation for decades. Avoiding Victorious's expensive reconstruction is presented as an opportunity to make the postwar carrier force cheaper and more sustainable.