Earlier quoted context omitted.
I think having a nominal monarch for people to form parasocial relationships with rather than getting overly attached to any given politician has its advantages. But (note, UK person here, add salt accordingly) it seems like you could retain that part while also stripping any actual power - i.e. 'power-wise practically a republic, emphasis on the -nominal- in my first sentence.'
Yeah, it'll be interesting to see how Australia works this one out. I think becoming a republic is a matter of when not if, and there's a ton of ideas around about what to do about a head of state. We're not averse to trying out new ideas if they seem good - the Aussie voting system is about as close to perfect as you can get (but our politicians not so much).
Implementation details thereof I don't have a strong opinion on except perhaps "if I ever do develop such an opinion you should probably ignore it anyway."