It depends on what you mean by "the top".
If you are talking about monarchs of the type that have not been seen in Western Europe for a long type, then you are probably right. They had the power to make/break treaties, declare war/peace, order executions and do on. The nearest to one of them around nowadays is the Pope and he doesn't seem to declare war often nowadays.
Most European monarchies nowadays are not so powerful. They have things to do but, whether you are talking about Spain, Sweden, the UK or the Netherlands or anywhere else in Europe, they do not declare war, they no not make the treaties and are not known for asking for public beheadings any more. No doubt, the Royal Families spread too wide. As a Brit, I hear a lot that the Queen and immediate family are good but it spreads out too far.
For example, if the Queen was in command, the UK might not have participated in the illegal invasion of Iraq. There was no benefit to this country and there were plenty obvious downsides.
Another example from a bit longer ago. During the 50s or 60s, the KGB were convinced that there would be a military coup in the UK. The reason it didn't happen has been explained by some as due to the fact that the coup would have had to be against the Queen. That is a non-starter. Your commander in chief may be a politician. The CinC around here is the queen.
Not very long ago, after Franco died, Spain found itself on the road back to democracy. The army there did not all like that and some tried to overthrow the government. The fairly new king put on his uniform and walked unarmed into the hostage situation in their parliament and told the Soldiers to stop. They did.
So you have an elected person at the top who a vocal minority think is some sort of foreign, demon, moslem marxist. A large number of the rest don't like him or what he stands for. A good number of them are the ones with money and power.
I know who our head of state is. I know her origins. I know who will replace her for several generations. I didn't need to stand up in school every morning to be brainwashed into giving my allegiance to her. As an adult, I did so freely when I put on a uniform. Every time I saluted, I saluted her. Every order I received came with her authority.
So there is the choice of half of the electorate disliking a leader? No thanks. I will stick to this system.