Oh, no doubt. I certainly don't imagine a battleshipless Royal Navy composed of anti-submarine frigates. My point is that if the Germans invested much more massiverly in submarine construction, the British would obviously respond with their own countermeasures. A TL with a POD of greater German concentration on submarine construction, therefore, would face a different Royal Navy than existed IOTL.
Agreed, though they'd have to rob Peter to pay Paul, and the battleship faction was rather strong. The UK didn't 'buy' WWI-era destroyers from the USN because they were pretty, or modern. It was because they were desperate for even second-string platforms. You don't get that way from adequately gauging hostile threats and building appropriate countermeasures on your own.