Yeah, that's what I thought. Her promise to return the "honour" looks to me like an attempt to avoid having it seized off her.
These "honours" (knighthoods, peerages etc.) should now be referred to as "disgraces". Liz Truss handed out an honour for roughly each four days of her incumbency as Prime Minister, nearly all to crazies from the extreme right of the Conservative Party. We already have way more peers than can actually be stuffed into the House Of Lords.