Maybe it's that she was staging it like she was playing the role of a princess in some sort of drama. After all it has been mentioned she's got the right costume. ;)
I guess you'd have to assume, as Soup's shown, that if she really was is implied here.
I agree, especially with the part I have underlined; some of the confusion in this thread, in my opinion is caused by the fact that "She looks as a princess" is simply not a natural sentence.
She acted likeasa princess - Her behaviour was similar to that of a princess. She may or may not have actually been a princess.
She actedlikeas a princess - During her acting career, she played the role of a princess.
She actedlikeas (the) princess - She stood in for the princess. (The princess could not be there so 'she' performed the duties that the princess would have carried out.)
She lookedaslike a princess - Her appearance was what one normally associates with that of a princess.
She looked as a princess - An unnatural sentence, in my opinion.
She looked at the ambassador as a princess does -
1. She was a princess, and she looked at the ambassador in a princess-ly manner.
2. She was a princess, and she looked at the ambassador; it is a characteristic of princesses that they look at ambassadors.
3. She was not a princess, but she looked at the ambassador in a princess-ly manner.
Context and, in speech, intonation and pausing would make it clear which of these last three was intended. In all three some speakers might use 'like'; some would consider 'like' to be incorrect.
What about these ones:
I treat business as a game.
vs
I treat business like a game.
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By the way, apart from 'being similar' meaning, like can also express the idea of 'happening in the same way'.
If I lived in a monarchy, I think I could hear something like "I, like the princess, disapprove of the minister's policy'.