The word seismic is an understatement - from The Daily Wire:
‘Seismic’: Queen Financially Cuts Off Harry And Meghan, Strips Titles. Here’s Her Statement
Harry and Meghan Markle, Duke and Duchess of Sussex, shocked the world last week when they announced their plan to step away from royal duties and work to become financially independent.
On Saturday, Queen Elizabeth II pulled the trigger on the exiting royals, announcing that the couple will have their “His Royal Highness and Her Royal Highness” titles stripped, as well as be financially cut off from royal funds, effective this spring.
“Harry, Meghan and Archie will always be much loved members of my family,” the Queen said in a statement, adding that she “support[s] their wish for a more independent life.”
Harry is hardest hit (and yes, it is Harry now - not Prince Harry). From Associated Press:
Prince Harry is losing his military titles and patronages including Captain General Royal Marines, Honorary Air Commandant Royal Air Force Honington and Small Ships and Diving, Royal Naval Command: Commodore in Chief
I am reminded of this meme I posted five days ago:

Again, you do not mess with The Queen.

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