Afaik that's the Wardens, not the actual physical titles.
And theoretically, the queen of England is the absolute monarch of England in most things.
De facto situations and legal ones differ greatly. The Byzantine up to its end had vested theoretical absolute powers to the emperor, even though in practice the strategoi controlled everything.
While in theory the king could give the kingdoms to anyone, he would never (aka doesn't have the de-facto power to do so) without being seen as a terrible tyrant, unless he had a good reason to. That, as someone else said, is accurately portrayed by revocation,
I wish some people would actually read the thread. I already conceded this point as an incorrect confusion between Lord Paramount's and Wardens.