yes she would be the royal families of Europe are all interelated in some way. In the days of the Romanovs and Queen Victoria the royals all wanted to keep royalty in their blood so a Russian Prince would marry an English princess for example. So yes sh would be but it may be VERY distant.
She is not a descendant of the Romanovs she an ancestor of the Romanovs. Victoria died in 1901 at the age of 81. The Romanov's died in 1918. The Tsarina Alexandra was Victoria's grand daughter through her daughter Alice the Grand Duchess of Hesse.
Queen Victoria is known as the Grandmother of Europe because her 9 children married into the Royal houses of Europe.
If you mean is Queen ELIZABETH a descendant of the Romanovs? No, not directly, but her husband is. He was Philip Prince of Greece and Denmark( he renounced those titles to marry Queen Elizabeth) and he is related to Alice of Hesse. Queen Elizabeth is in a round about way as she is a descendant of Victoria, but Prince Philip is directly related to the Romanovs through his mother. That is how Queen Elizabeth and Prince Philip are related through children of Queen Victoria.