The most common and most likely answer to this crossword clue is the 7 plus 7 letter word DIAMOND JUBILEE
I've seen this crossword clue in The Times
D
I
A
M
O
N
D
J
U
B
I
L
E
E
Buddy explains!
The straight part
We know that "festival featuring Queen?" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case festival featuring queen? = diamond jubilee.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.