She did. She was to be a floating university and had just been completed when several fires took hold. Not sure if she is still there though. She made a cameo appearance in a bond film IIRC?

Answers to both questions.:)

During the conversion however the vessel was gutted by a fire that broke out at several different places onboard, believed to be caused by arson. The ship toppled in shallow water in Hong Kong harbor on 9 January 1972. The wreckage was scrapped on the spot in 1974-1975, before the project could ever be truly realised.

The wreck was featured in the 1974 James Bond movie The Man with the Golden Gun, as a covert headquarters for MI6.

Following her scrapping, the largest passenger ship in active service was the SS France, which was longer but smaller than the Queen Elizabeth.