Look, Lucy is great, but she's not the queen. Brandish wins.
When Lucy fought a playful Brandish in AA, which is was a full year ago in the story, Brandish was able to transform one of Lucy's best spells and return it, with Command T. There was nothing stopping Brandish from exploding Lucy's internals with a click of her fingers. Lucy was let allowed to go all out, while Brandish held back considerably. It's a non-event.
But it is the mighty X793 era, now. Lucy has certainly improved, and might have what it takes to win, as she unveils more abilities. She has variable feats of not impressive to impressive this arc, so I'm not willing to anoint her just yet. Brandish is a proven magical powerrhouse who might not necessarily need to improve in that department to still be relevant in this new age. Brandish' physical attributes, while absolutely perfect in shape and form, are not known for their strength and durability, so there's glass cannon potential if we want to be rude. She has a Titan+ form which would be minimum Giant Gajeel level in size. That said, she could be defeated like Ikusatsunagi, depending on Lucy's attack power. I'm yet to see anything from Lucy that would be of grave concern for Brandish, so I'll be sticking with parfaits.