Quite, Paigntonian. Also, the argument NJ's making is based ultimately on the idea that the Crown's power that is vested in God (and the Christian one at that). It has to be, because that's the main reason that it's protected from the "whims" of the people or the politicians.
This is a situation that in practice is only sustainable because the people are onside. The Queen serves at the pleasure of her people, and not the other way round -- constitutionally this isn't true, as I am sure NJ would point out, but it is self-evidently necessary. A monarchy couldn't be sustained if the people didn't want it in place, and any given monarch couldn't last if their people wanted that specific person out.
The Queen still holds the Crown, then, because (a) the people want her to; (b) Parliament wants her to, and (c) she wants to. Constitutionally, only (c) matters, but in practice (a) and (b) are far more important.