The main difference here is that the Borg Queen (in final episode of Voyager) was destroyed at the Borg Unicomplex (with the entire Unicomplex as well)... where Queens tend to be manufactured/replaced.
Future Janeway introduced a very deadly neurolithic pathogen (probably the same one which Icheb produced) at the heart of the Collective...
This would likely have profound effects on the Collective throughout the Galaxy.
The only reason the Queen was able to send that Sphere after Voyager was only because it was the ONLY ship that could still hear her thoughts.
After the destruction of the Unicomplex and that Sphere, voyager also OBLITERATED the Borg TW network (7 of 9 confirmed as much)... which would mean destruction of all other TW hubs in the galaxy.
Its unknown what the state of the Borg is in the late 24th century or even during ST: Picard... but its possible that the Borg still exist... albeit in a disoriented state.
It could be that most Borg ships have been cut off from each other and that each ship acts as its own collective... but otherwise, they cannot re-establish a larger subspace network with other Borg ships.
Also, how many of those Borg ships drones regained individuality?
How many might have been destroyed by other races once they discovered that the Borg cannot effectively fight/adapt to their tactics anymore?
We've seen in ST:Picard that the Romulans had at least 1 severely damaged (and separated from Collective) cube under their 'supervision'.
When 7of9 gained control of that cube, she formed a collective inside the cube, but otherwise did not initiate contact with other Borg in the galaxy.
This might indicate the Collective as we knew it no longer exists... but could be like the El'Aurians... scattered throughout the Galaxy trying to survive... damaged.
We don't know whether the Borg could adapt to the neurolithic pathogen though. The Cube which assimilated Icheb and his neurolithic pathogen was severely damaged as a result (with only 5 under-developed drones which were protected by the fact they were in maturation chambers) and the Collective decided to sever contact as opposed to try and retrieve them (which indicates they might not have).
Infecting the Borg with that pathogen at the very source (the Central unicomplex) and by the Borg Queen herself could easily have nasty repercussions for the collective.