If she's lost some weight already then you're already doing the right things. If she's not currently muzzled, then perhaps that could be something you could consider?Yep am exercising and we are doing well but we only got her in December and she was fatter then!
Not looking too bad, in my opinion, given your starting point. Difficult to assess from the photo, but check she is not cresty. Cobs are a different body shape from others, they naturally have a flat back and a strong topline, and naturally have a big bum and a deep girth. You have to feel around to differentiate muscle from fat, and try to be able to feel some ribs. Watch out for fat accumulating on the neck and belly. Does she usually stand as she is in the photo, with front legs behind vertical? If yes, I would be checking those feet for sore heels, thrush, early lami etc..