Could Queen Elizabeth Maximus slow later development?

Could an overwhelmingly superior Queen Elizabeth Maximus cause Britain to stop advancing battleship technology for a time?

Yes. Britain might plateau on a design already far ahead of its rivals and keep building repeats instead of demanding an immediate successor.

Rival responses are only one part of the counterfactual. A ship that already outclasses foreseeable opponents can reduce the owning navy's incentive to take another technical risk. Repeated construction would exploit established yards, guns, and machinery while preserving a large lead. Building the maximum ship too early could therefore produce technological stagnation at home.