It is remarkable how much the Queen's standing has improved during the time since that song (1977). My (UK) family are (as far as I know) staunch republicans, but the last couple of decades have seen all of us soften our disgust with the monarchy as Elizabeth represented it. We might still want the whole concept destroyed, but there is nothing close to the vehemence of Johnny Rotten (Lydon)'s lyrics from that song.
Nevertheless, that is how a bunch of people felt in 1977, and as our memories become even more gilded and rose goggled now that she has died, it may be worth remembering those feelings too:
God save the queen / The fascist regime / They made you a moron / A potential H bomb / God save the queen / She's not a human being / and There's no future / And England's dreaming
These days, I think even us staunch republicans/anti-monarchists would begrudgingly admit that "She could have been worse" and that she actually was a human being.
Maybe Charles will have the guts to end it all, but it doesn't seem likely.
Be very careful what you wish for. As a French, living under the rule of an elected monarch who changes often, but doesn't answer to anyone during their reign, there is something extraordinary to see the British PM bow to the Queen, and do that (I think?) every week.
The PM bows to the Queen, but that doesn't mean they have to listen to the people more than they do in France, no?
Doesn't the French Prime Minister answer to the President? How is that worse than having a monarch? Are they often from the same party, thus rendering this answering to the president less powerful? (I know the current PM and President are, not sure if that's the common case.)
My impression is that just by being less involved in politics, and generally (not 100%) staying away of corruption and other sorts of scandals (unlike others, looking at you Juan Carlos I) for a few decades, the figure of the Queen can be less jarring or seems more trustworthy than a President usually would.
To be honest, I live in a monarchy, and if I could choose we'd transition to a republic... but I've never felt like it would make a huge difference in the quality of our government or our electoral politics, so I just don't really care.
The queen can still secretly prevent legislation from ever being heard in parliament, so...
The point is that a president is a) elected and b) works openly.