She was sentenced to an indeterminate sentence with a minimum tariff of five years. That's very different from a life sentence and as a result she will not be supervised in the manner you describe and she is NOT on life licence.
For practical purposes, she is.
She's subject to IPP license for at least ten years after release. After ten years, she can apply for that license to be lifted. If that's rejected (we don't know how likely that is because, aside from anything else, almost no IPPs have as yet reached that ten year milestone) she can reapply annually.
Life licenses, as you point out, aren't lifted. But they go into abeyance to the point that they might as well be. Someone who is on life license but was released twenty years ago might, possibly, have an annual meeting with the probation service, but might not even do that.
Basically they were a crowd of people with attitudes like Friday's. All she had to say was 'Pooor meeeee, I've had a hard life' and they all said 'There, there, Tracey, poor you'. And then stood by and allowed the circumstances where her son was killed to be created.
Honestly, that's not what I'm saying. It's the usual "anyone attempting to understand is making excuses" straw man. I have absolutely no problem with children at risk being removed from abusive circumstances, and the behaviour of social services in the Connelly case was absolutely crazy. The social workers switched their focus from the child they were supposed to be protecting to the abuser, and the results were catastrophic. While the children are alive, the main focus of social services should be keeping them alive (and, hopefully, alive and well), not pandering to their parents.
But there are thousands and thousands of women living lives like Connolly. Often abused themselves, lacking sound models of family life, usually pregnant young and repeatedly, lacking the confidence and skills to deal with the violent, unstable men they can't control, often victims of domestic violence, often with low-level (or not so low-level) mental health or addiction issues. They are inadequate parents who lack the capacity or ability to get much better.
The ones that end up in SCRs after the death of a child are just the tip of the iceberg. For every one that kills (or allows the killing of) their child, there are hundreds who showed all the same signs but didn't kill their children. Those hundreds are just as manipulative, just as troubled, just as plausible.
So what do you want to do? Take all the children into care? And do what with them? How many extra children would social services need to take into care in order to prevent each death: ten, a hundred, a thousand? You tell me. And what would the consequences be for the children taken into care who wouldn't have died?
And in any event, this started out as a debate on sentencing. Suppose for the sake of argument you got your wish and Tracy Connolly were given a whole-life tariff. How many children do you think that would protect?