Unfortunately, taking Harry’s peerages would require an Act of Parliament. The last time it was done was for waging war against the UK.
Harry and Meghan’s antics don’t rise to that level of offense.
https://en.wikipedia.org/wiki/Titles_Deprivation_Act_1917
I think blackmailing and shaking down the royals does rise to it. But in our timesof corporate-communist conniving ,maybe not
That does not apply to royal family titles:
(Only to 5 ranks of peerage: https://en.wikipedia.org/wiki/Peerages_in_the_United_Kingdom#Privilege_of_peerage)