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Everyone grows older (assuming they don't die prematurely). At least Colleen had a prime, as verified by "Clue" (1985) and several other movies back then: https://bit.ly/3afB3wv.
I thought she had (or likely still has) good comedic timing as well.
Yes, that's strategic in her biz.
Looks like Dame Edna Everidge https://www.google.com/search?q=dame+edna&rlz=1C1CHBF_en-GBGB810GB810&sxsrf=ALeKk03aci_lC0UDN4R47uYF5FKYDuJTlg:1607719351614&tbm=isch&source=iu&ictx=1&fir=KS