Picard season 2 will feature the Borg Queen, but it's been recast with actress, Annie Wersching.
The linked article says:
Since Alice Krige returned to voice the Borg Queen in Star Trek: Lower Decks, Trekkers may wonder why the cyborg monarch was recast with Annie Wersching in Star Trek: Picard. One possibility is that COVID-19 protocols may have hampered Krige from resuming her iconic role. Meanwhile, Star Trek: Picard films in Los Angeles, and they likely opted to cast Wersching as the Borg Queen since she's a fine actress known for her roles in 24 and Marvel's Runaways, plus she also conveniently lives in LA.
It's not a definitive statement, but is COVID the only reason why they didn't cast Alice Krige or Susanna Thompson? Alice Krige did reprise the role in Lower Decks, although this was probably done remotely.