> It's the people with the guns (and muscles) that have the literal physical power. They could shoot the aristocrats dead if they wanted to.

What matters is not raw power, it’s balance. The power of one guy with guns is kept in check by the power of other guys with guns who stand to benefit from the status quo. The aristocracy’s game is to play with this balance to make sure that no other rival force emerges. They do not need any actual physical power themselves to play it.