States that recognize the British monarch as head of state: 67 mil (UK) + 38 mil (Canada) + 26 mil (Australia) + 5 mil (New Zealand) + others less than mil people = 136+ mil
So pretty close, but this appears to be a correct statement.
The Pope is the monarch of a tiny city state, not of all Catholics. The idea that the Pope has any temporal authority whatsoever is the stuff of anti-Catholic fever dreams.
I'd be surprised if there wasn't. Does QE get credit for former colonies like Canada though? If so that might help.
If you start counting what we'd usually call dictators, there definitely are bigger ones. The monarch/dictator line gets a little blurry and subjective/political I believe.
Elizabeth was the Queen of England, the Queen of Canada, the Queen of Australia, etc., etc., it's the definition of being a Commonwealth Realm. So, at the time of her death, she had about 150 million subjects.
Given that all the countries with more population than that have a constitution and not a sovereign, it's safe to say yesterday she was the most prolific monarch alive.
Is there another monarch alive with this many subjects?