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The purse, itself, is used as a signaling device. Depending on how she carries it, she's communicating a need, or concern, to her entourage.
The Real Reason Queen Elizabeth II Carries a Purse All the Times
But just as the Queen has a few fascinating secrets about herself, there’s more to these purses than meets the eye. In a fashion that echoes the suave subtlety of James Bond, Queen Elizabeth uses her purse to send secret messages to her staff. (There’s also a little-known reason behind her neon outfits.)
These signals help her get out of conversations at any time she pleases. If the Queen moves her classic handbag from its normal spot on her left arm to her right arm while she’s talking with someone, her handlers know that she wants to wrap it up. Putting her bag on the floor is a sign that she needs to be saved from an uncomfortable encounter ASAP. If she’s at dinner and places it on the table, that means she wants to end the event in the next five minutes.
As for what the Queen keeps in her bag, royal biographer Sally Bedell Smith says the items aren’t all that different from what normal women carry with them: a mirror, lipstick, mint lozenges, and reading glasses. For the rest of the royal family, they have their own dress code rules they have to follow.
https://www.rd.com/article/queen-elizabeth-purse/