A sad thyme

Label's gone walkabout but I'm pretty sure this is 'Silver Queen'. Planted 2 years ago and as you can see, it's gone very sad indeed. My fault, as I know I should have given it some attention and chopped it back, but it was so bushy and beautiful last year that (a) I didn't have the heart and (b) didn't realise it would look so horrible just a few months later.
If I cut it back (really hard?) would it shoot again and revive? If so, is this a good time or not? Or is it beyond redemption, such that I should just replace it?
The other thing about it was that although its attraction was the pretty, variegated foliage, I was expecting it to flower profusely last year (and hoping it would for the bees, who I thought would love it), having settled in for a year and grown so well. But it never did -- just one solitary flower spike, and I wondered why that might be.

If I cut it back (really hard?) would it shoot again and revive? If so, is this a good time or not? Or is it beyond redemption, such that I should just replace it?
The other thing about it was that although its attraction was the pretty, variegated foliage, I was expecting it to flower profusely last year (and hoping it would for the bees, who I thought would love it), having settled in for a year and grown so well. But it never did -- just one solitary flower spike, and I wondered why that might be.

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I’d take lots of cuttings (this is the perfect time of year) so that you have lots of new plants coming along.
If you live in Derbyshire, as I do.
I have several varieties and the 2 that I really love are Porlock Thyme-
It's in full flower at the moment. When flowering has finished I give it a good trim.
The other is Thyme Jekka is a creeping variety that also does well and needs only a light trim in the summer. It spreads widely but doesn't get to more than 2-3"
Billericay - Essex
Knowledge is knowing that a tomato is a fruit.
Wisdom is not putting it in a fruit salad.
(Love the look of the Porlock thyme, by the way - thanks for posting a pic.)