Once some fella asked me: who'd win: Sith or Borg...
Answer is obvious: the Borg adapts.
The ONLY species that ever harmed (truly harmed) were the Fluidic Space critters: Species 8472.
It was also the ONLY species that resisted the nano-invasion when the Borg tried to assimilate them.
Even a superior species would fall under the Borg, simply because: "So, 2500 Cubes failed? No problem, send in 2.500.000 others..."
Like ants they'd simply swarm the race, if the cost was lower than the gain.
And: there's the adaptivity.
Even multi-fase weaponry had only 3 to 5 shots before the Borg adapted.
Further on: I forgot in which episode, but a Borg said there are thousands of Borg Hubs.
If one thinks how massive a hub was... not a chance a race could overcome the Borg.
Unless they hacked the Collective.
But both Humans and non-humans tried this before, with fairly poor result.
As for the Queen: for some reason I see her 'slave' to a superbeing/-computer -if the theory that they evolved from a race that build a computer which stood up against his masters is in effect, and which I personally prefer, as said earlier, especially since this theory predates the IMHO silly books by FAR- which is the actual dominant factor in the Collective.
Maybe a computer as big as a solar system (linked up through WiFi, lol), covering all it's planets, mainly for data storage and security systems (firewalls to make a silly example).
Imagine this computer has bio-brain cells...
We as humans today try to make these, so it is logical the Borg already has this 'technology'.
And: for Borg being carbon based, is not correct.
Their armor is, but inside is living tissue.
But they do not want to become more fleshy, nor more technological, rather both in a perfect marriage.
Technology has advantages over tissue, in some ways.
Tissue has other advantages over tech.
Combining them into the perfect being, is the only solution.
Or, to put it in terms of an episode: Best of Both Worlds.