Brian, this is not really true.
Although the Monarch has little or no direct administrative, judicial or legislative function, it remains an institution arguably still worth having. The Queen worked hard to lend ceremony to thousands of events and bring their importance to public attention. She gathered all sorts of people together in times of stress and joy. THAT'S DOING SOMETHING.
The commercial value that a hard-working Monarch can bring to the UK is unquestionable. How many papers and magazines exit because of what happens in the Royal Palace? How many people visit London and Edinborough because of fascination with, now, the King?
King Charles III retains power that can be used in an extreme scenario. King Carlos of Spain demonstrated this value in a public crisis a few years back.
Many thanks.