Would this timeline build all four or five Admiral-class battlecruisers?
Short answerPossibly, but they would likely be better-armored successors to the 15-inch Tigers because Battenberg may remain and Fisher may not return.
NotesAn established Admiralty staff would explain strategy to ministers and give the First Sea Lord stronger institutional support, making Battenberg harder to remove. Treating the First Sea Lord more like an imperial appointment comparable to the Chief of the Imperial General Staff would raise the political cost of replacing him. Without Fisher's return, the navy lacks the same pressure for lightly protected dreadnought-armored-cruiser concepts. Any Admiral-class successors would instead develop from the two 15-inch Tiger-type ships and could approach fully armored battlecruisers or fast battleships.