You all were correct. I got my new (first) passport today, and it still references Her Majesty. I know a lot of people are having incredibly long wait times but for me, from start to finish, the whole process took 3 weeks. Having also applied for passports in the US, I can say that the UK process is so much more transparent. Over in the States, you send off your application and then just wait. There are no updates until you get your passport or don’t.