Twas done today with some pagentry in town as is the way with ancient seats of learning, my son's graduation in Aberdeen was very similar.
It's an honorary position and literally anyone can be elected. I think it's quite a good thing to be honest, she has some roles in representing the university and in turn the city. Sir Ian Wood, the billionaire industrialist did the same at Robert Gordon University and if she can do even a fraction of the good he did for RGU then bring it on.
She's pretty much part of the establishment now, the fact that William and Harry accepted the situation with Camilla suggests that society in general should also accept the fact, she does a decent job supporting Prince Charles and the charities she has adopted as well.