Upstanding practically formal Queen modernises (6)

I believe the answer is:

refits

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'modernises' is the definition.
I can't judge whether this definition defines the answer.

'upstanding practically formal queen' is the wordplay.
'upstanding' says the letters should be written in reverse.
'practically' means to remove the last letter.
'formal' becomes 'stiff' (similar in meaning).
'queen' becomes 'er' (abbreviation for Elizabeth Regina).
'stiff' with its last letter taken off is 'stif'.
'stif'+'er'='stifer'
'stifer' backwards is 'REFITS'.

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(Another definition for refits that I've seen is " Repairs".)

I've seen this clue in The Telegraph.

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