He is a Starfleet captain trusted to make decisions. He's also not immune from criticism, and part of her job as an admiral is to give that when she thinks it's warranted. The Hugh was exactly the kind of hard decision captains often have to make on their own because situations happen and they don't have orders for every random occurrence. In this case she openly disagrees with decision Picard made and said "if X happens again your orders are to do Y." We don't see her push for any sort of punishment or anything. She just sets an expectation for what she considers a priority moving forward, and he takes it gracefully.

Also she's saying this in the context of a Borg crisis that turns out to be related to the Hugh situation, so getting this feedback now is understandable.

I can see how it can look out of order but to me personally it just looks stern and decisive. She's not exactly a happy camper but if she didn't trust him to make decisions about the Borg anymore then the situation then it wouldn't have been two part episode; she would have just put someone else in charge of this.