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Seems like it.
Spot on.
Derpy has completed her training and is resting before the confrontation…
…while the Ice Queen, as she gathers an army, is showing the imprisoned Carrot Top her past, how she was originally sealed by the Princesses…
…is that right?
Windigo queen was my original guess as well.
Me and Ziom have tried to establish her as a Lich/Primal Elemental.
She is to the Wendigo what the Alien queen is to normal xenomorphs.
Whatever she is, she’s another one of those shitheads that shows up every thousand years.