Hey I'M playing and I definitely feel that b**** is the enemy!
In addition, she consistently makes it very clear that SHE considers the MC the enemy, which means she might have a mind to do something similar to HIM.
Since we see that she very intentionally got a man brutally murdered to get him out of the way, I definitely think she would be viewed by most who are aware of the situation as a major problem, and one who made the queen look VERY bad by inducing the queen to kill an actually-loyal man.
Any guard in Merneith's service, charged with defending the queen's life, would 100℅ immediately be falcon-focused on this to see what the Queen's response would be to an ambitious and dishonest guard getting a truly loyal and honest guard gutted. Merneith has proven, from her past actions, that she is WELL aware of the optics on cases, and especially would be on one where her entire retinue has a front row seat and personal stake in the matter.
She may let her get off lightly because she's a woman and she might decide she has too much personal involvement, but I don't think that would necessarily go over well, in terms of discipline and morale, so I think she would be gunning to kill her.
There IS (IMO) theoretically another option.. She might decide to reduce her to one of her slaves, but one who every guard gets to use, at will. THAT might go over well enough, and be understood to be a different punishment because she was a woman.
EDIT: having her be a public use slave for the guards actually might go over VERY well, in that it would be appropriate, considering one of the things that she got the prior guard killed for was supposed use of one of the Queen's slaves.
EDIT2daEDIT: and actually since sharifa is probably a serious hardass to the remaining guards they might not like her anyway, so seeing her brought low and turned into their cumdump might actually be EXTREMELY popular. The more I think about this idea the more it seems likely to be the best one, although whether or not it actually is the one they go with it's another matter. Fan theories are just fan theories unless they hit the mark.