The point is that subs and carriers were far, far more effective than battleships.
It's hard to say for sure, but in a way it seems that the Hood and the Prince of Wales actually stood a much better chance of causing serious damage to the Bismarck than the Ark Royal did, even if that's not how events happened to play out. (And in fact damage from the Prince of Wales's guns did help to slow the Bismarck down and force it to attempt to go to port to refuel.)