That's the catch, overloading helos makes any potential disaster that bit worse due to more casualties. IIRC it's not too good for the engines either loading it past max capacity.
That's my issue with it, if we take a sustained TAG of ~40 aircraft, take away 16 (12 JSF + 4 AEW Merlin) and you've got 24 spots, which is loads i'll grant you that. But considering the other types of helo they plan on operating on a CVF (ASW Merlin, Junglie Merlin, Apache, Chinook), you're either gunna operate a relatively small number of each type or not use a particular aircraft.
That's a grand capacity, 24 slots dedicated pretty much towards amphibious operations. More than Ocean can currently provide. But the bit I don't like is that it means there's pretty much zero chance of ever operating 2 squadrons (24 JSF) as that'd leave ~12 slots I wouldn't like to make that call as to which helos I take along. I know 3 squadrons is extremely remote under the best circumstances, but i'd like to think that if the RN felt they needed 2 squadrons they could have them without hobbling their amphibious capacity.
In terms of not replacing an LPD, the Albion class have zero aviation capacity anyway. I think they're cleared for operating 2 x Chinooks simultaneously but that's about it as they don't have a hanger. They provide 4 x LCVP Mk5 - some say this is enough to deploy an infantry company ashore in one wave - and 4 x LCU Mk10, these puppies can carry a CR2. That's a pretty nice capacity to have and when Ocean is gone they're the only RN ships I can think of which will have any sort of landing craft capability. Most likely scenario post 2030 is 1 for 1 LPD replacement but my personal preference is 1 for 1 replacement with LHDs, meaning there's more likelyhood of deploying greater numbers of F35B on CVF whilst keeping that rotary capacity alive.
Pipe dreams and all that, I know. But it's something i'd REALLY like to see happen, but only when the LPDs need replacing and not before.