Would a delayed war have given Hood her reconstruction?

If war were delayed, would Hood be in no better condition by 1941 after peacetime cruising than after twenty months of wartime service?

She would probably be better off because she was next for reconstruction after Renown, giving her a chance to enter refit before war began.

A delayed war would probably improve Hood's condition because she was next in the reconstruction sequence after Renown. That opportunity changes the comparison with simply adding more peacetime wear to an aging ship. The reconstruction is expected to produce a much more capable capital unit. If war began around 1941 or 1942, Hood could also operate alongside a larger force of newer British battleships and carriers.