It suited British government interests after a rather expensive war, it didn't suit the Admiralty's.
The Anglo Japanese Treaty would likely have been renewed, anchoring the Imperial flank in Asia, with continuous tecnology exchanges between them, ensuring that Japanese wouldn't feel the need to bankrupt themselves in a naval build up, and the British having a pretty good idea of what they were capable of.
This means they can concentrate their battleships in the Mediterranean and North Atlantic, persuasive deterrence to the Italians, who seemed to be more concerned with the French. The French kept an ee of the German naval capability primarily.
The Americans viewed the Japanese as their primary competitor in the Pacific, and would have to split their Navy in the event that any conflict with the Japanese actively drew in the British, and any race would require building up fores on both coasts.
The British would be free to adjust their force composition, which the treaty had drastically curtailed, especially with cruisers.
British naval technology evolves, so if they felt that all or nothing contributes more to the combat worthiness of their battleships, they would have introduced it, and being free to build new fast battleships, they could retire old ones and improve each generation.
Having new battlships and a reserve of old ones, German surface raiders would be soon hunted down, and the loss of any capital ship wouldn't become a crisis, allowing the Royal Navy commanders the leeway to be highly aggressive.