The three major monarchies during WWI were related to each other: Great Britain, Germany and Russia. Had Queen Victoria been alive in 1914, it is highly likely that these nations would not have gone to war with each other. Instead, Austria and Serbia could have just arbitrated their differences; keeping the great powers out of war. In short, the question of Queen Victoria's impact had she been alive at the onset of WWI is something interesting to ponder.
Yes, I believe that Kaiser Wilhelm II was correct in his belief that of Queen Victoria was alive, then Great Britain and Russia would have fought with him, instead of against him. But, that was over one hundred years ago. I believe he needs to break away from the past and embrace the future.
It is certainly not outside the realm of possibility that they would have fought alongside Wilhelm. Essentially anything to keep the current power structure in place would be sufficient reason for monarchs to side with each other. They have a love of the power not a love of the people.
Kaiser Wilhelm II did not believe in the democratic views that Britain adopted. He isolated himself from his parents because they believed in British democracy so even if Queen Victoria were alive, attempted negotiations would have failed between the countries. The political views were far too different Kaiser was not willing to negotiate or meet in the middle.