It all depends on what extent the work done would have cost; if it isn't a full rebuild, and only the bulge, some AA's and plating being installed, even a catapult, would be far below to the cost of a full reconstruction, which itself is less than a full new ship though quite expensive; however, the return on investment would have to be calculated...It probably is the main reason some, or most of the QE's were reconstructed instead of being discarded and new ships be built; and that proved to be a well thought decision...For that same reason, no work besides bulges and a few more AA's were installed on the ''R''s; the cost might not have justified the potential result...
In the case of the Tiger, there would hve been legitimate reasons to spend on a minimum upgrade, without going into deep reconstruction, and have a ship which had speed and a decent armament once some AA's are installed, for a wide variety of different duties, and it is this last aspect which makes it a worthwhile asset to have since there were only two others that could have made that job, and we both know the Repulse wasn't as good an asset as a tiger could have been....