I think Kaz you have a deeper knowledge of wasps than you make out!
Queen survival is an interesting question. The answer is I'm not entirely sure and I haven't seen any solid research on the matter. So, quite humbly, I'm happy to say that I don't know what happens for certain. It's not clear whether the queen dies with the rest of her colony through starvation or whether she then hibernates again and has another go the following year. Most commentators (and for convenience I've tended to follow the same line because it's simpler) suggest that the old queen dies. However, I'm not so sure. Biologically there's no reason why the old queen shouldn't go off and hibernate again if she's still carrying enough genetic material. There's terrific variability in nest sizes with the average in the UK being between 2,000 and 5,000 adults. However, nests of 20,000 are not unheard of. Similarly, the largest nests in Australia have been estimated to contain in excess of 1,000,000 adults. All of which suggests that queen wasps carry an abundance of genetic material that would support at least a couple of average seasons' worth of wasps. We know that wasps occasionally lay down a second generation of sexual progeny within the same year so it's not such a leap to have that second generation span across winter with the queen hibernating in between. Honey bee queens survive for a few seasons and in Australia wasp nests adopt two and rarely three year spans (albeit that the queens don't appear to hibernate in between).
Upshot is that I don't know for sure but I wouldn't be surprised by either or both scenarios. An interesting project for an entomology student no doubt.