While all the previous car seat milestones are about age not size, this one actually is the opposite, it's about height not age!
If she fits the seatbelt properly without a car seat, then on average, it's likely to be safer to go without, because using a HBB includes a risk of misuse and a risk of interaction with the seatbelt which is non-ideal. If you're very clued up on car seat safety and 100% convinced that you're using the seat exactly right then this may not apply. If you are doing a very long journey (e.g. 6+ hours or overnight) and she might conceivably sleep, then a HBB is well worth using if she fits into it.
The lap belt is the most important piece to look at. If this is in contact with her pelvis, then that's perfect. If it's hovering up over her soft abdomen, this is a problem. The other main issue you get with older children who are not quite ready is when their legs are too short to allow their knees to bend at the edge of the seat when they're sitting with their bum all the way back. They will then naturally bring their hips forward in order to bend their legs and this causes the belt to move upwards onto the belly area which is a problem. This can easily be missed, if you're getting them to sit properly all the way back when you check and it looks fine, but do check that the legs can bend because nobody is comfortable sticking their legs straight out, every child with this issue is going to scoot themselves forwards.
The shoulder belt is less important, but if it's uncomfortable and rubbing the child's neck then they might be tempted to tuck it under their arm which is again a no-no for safety.
UK law says 135cm but it's a minimum not a maximum. If she still fits better with the booster, it's safer to keep using it. At 150cm+ it's likely that she's OK without, though.
If her shoulders are level with the plastic belt guide, it's probably too small for her now. It should usually be slightly above for the best fit.