Would Prince William's eldest son be a prince and eldest daughter and other children ladies, lords?

George V's Letter Patents stated that "the children of any Sovereign of these Realms and the children of the sons of any such Sovereign and the eldest living son of the eldest son of the Prince of Wales shall have and at all times hold and enjoy the style, title or attribute of Royal Highness with their... show more George V's Letter Patents stated that "the children of any Sovereign of these Realms and the children of the sons of any such Sovereign and the eldest living son of the eldest son of the Prince of Wales shall have and at all times hold and enjoy the style, title or attribute of Royal Highness with their titular dignity of Prince or Princess prefixed to their respective Christian names or with their other titles of honour". Please explain how that works out, thanks!
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