She is, if it's constitutional. She has reserve powers to block unconstitutional laws, but no others.
She also, expressly, took an Oath at her Coronation that cedes any power she might have to intervene on religious or moral grounds to the Bishops and Archbishops in the House of Lords.
The Queen is not a tyrant. It amazes me to see the number of American Republicans at the moment who seem to think she should try and act like one and overrule the will of the elected Parliament of the United Kingdom. Didn't your forefathers fight a war because of something like that? Isn't that why America has Republicans?
Archbishop: Will you to the utmost of your power maintain the Laws of God and the true profession of the Gospel? Will you to the utmost of your power maintain in the United Kingdom the Protestant Reformed Religion established by law? Will you maintain and preserve inviolably the settlement of the Church of England, and the doctrine, worship, discipline, and government thereof, as by law established in England? And will you preserve unto the Bishops and Clergy of England, and to the Churches there committed to their charge, all such rights and privileges, as by law do or shall appertain to them or any of them?By those promises and principles contained therein, the monarch can certainly exercise discretion to withhold royal assent and there is no duty implied or openly expressed to be the Parliaments rubber stamp, whether there or elsewhere in the coronation oath.
Queen: All this I promise to do.