Yep - but current flag says if you're of British heritage you're currently more "equal" than others.
Not necessarily, that’s simply your opinion. You could also view it as acknowledging the foundations and institutions of what has turned out to be a remarkably peaceful, prosperous and diverse nation, whatever faults it might have.
I don’t necessarily disagree with what you’re suggesting for a possible future flag. Your Canadian example isn’t directly applicable though, IMHO, given the long-standing and substantial French influence there.