Yes, Margaret was able to display a more stylish and daring wardrobe...she wasn't the Monarch, she was a Princess, of course, but she didn't have the role that Royal women have now. Up until her last years, Margaret was always the sister with the high hem lines and lower cut gowns.
QEII's outfits fit the 70's and 80's trends of horrible styles and mostly muted colors. In the 90's HM started wearing more of the bright jewel colors and her wardrobe started changing. I think her mother QEQM had a say on her daughter's wardrobe, too.
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