No - this is not the pic from the first State Opening of Parliament in the reign of Edward VII (see second pic for that and to compare the two pics). This first portrait is from the Royal Collection which says the portrait might have been made for when Queen Alexandra received the Garter.
I like this portrait because it seems more “personal” than the similar two from the formal occasions.
Note the Koh-i-noor in its honeysuckle setting high on the bodice - or is it the brooch at the bottom under Queen Victoria's fringe brooch? (Sorry, the fringe brooch is at her collar.) I think the K is high and the bottom one is the lozenge we have seen as centre of an elaborate necklace.