No, giants just shift the dynamics and tiers of the demigods. When both teams have giants giants aren't the end-all solution to all your problems, until you get a port.
Queen is a lot like Sedna in that the current meta demands that they are the one getting currency+regen and "supporting" the team when really if a Queen and Sedna are easily tier 1-1.5 when they aren't coughing up blood for that early 2400 early-game gold. People just play them wrong :-/ Now, I'm not that great of a Queen player but I have seen several awesome Queens and they have several things in common:
On Cataract, the most effective Queen is the one that goes to the mana side, not the one that goes to the HP side. Why?
1- If you shield people at the HP flag, they just target whoever isn't shielded. If you burn all your mana keeping both poeple shielded, you lose, go home.
2- Queen farms like an Ooze Beast, and a TB. This means that if she isn't sharing a lane and instead is switching XP/Mana she is the highest level in the game. Shield IV laughs out loud at all level 7 abilities.
3- Minions (specifically, idol minions. Mostly just archers and monks). Minions are most effective early-game (Demolishers instead of Currency). Queen has a huge benefit from minions because of Ground Spikes. High levels means that people aren't popping her shield in seconds, which means she can afford to open up and blast spikes. This means that you really can't fight a Queen in a creep-lane unless you have massive AoE yourself.
A massive level advantage overcomes her mid-game issue which is that abilities pop her bubble too fast and she doesn't have the mana to keep it up. End-game Queen is something you can't leave alone because her Spikes will push a creep wave like a TB and a Queen will gut your base in 30 seconds and then drop your citadel in 10.
Once the game hits the level 17-20 artifact stage, however, Queen really has a hard time (in my opinion. I've never seen an Artifact Queen so I can't really say). She does have the poor-man's Acclimation with her Queen of Thorns abiltiy but ranged characters never benefit as much from artifacts as melee, even with Ground Spikes. She can only fight a demigod who is foolish to follow her into a creep wave (which she will then fuck soooo hard). If she is laned against someone with decent AoE... the creep waves won't really budge and so you've kept the Queen at bay.
On Prison, Queen is much stronger because there is really only one flag worth locking: the Gold Flag, there are two creep waves which a Queen can farm really easily, porting-away is something that is hard to do because the whole team moves around as a whole and you not having an interrupt isn't as big of a deal. Plus, AoE abilities are strong in that kind of play style.
Levi, Queen doesn't have the same mana issues, but I don't think that she really competes with Sedna who REALLY takes off on Levi.