I have tested this and it seems to work as expected.
From this commit on, reminders for queued posts are not sent via email to contact_email, but as a system message into moderators inbox.
https://github.com/discourse/discourse/commit/beea5cac4887a92b036e8cc070125e00e4605a2e
After I create a new post/topic, admin/moderator sees that posts are waiting approval
and when notify_about_queued_posts_after period is over, I get “1 post waiting to be reviewed” message to moderators inbox as expected
Am I missing something else?