I think Ivy just enjoys the knowledge that Victoria is running around town, plotting and planning and thinking she’s a Big Bad, when really Ivy knows everything and is secretly running the show and upending her plans.
In ep1, Tremaine was all, “If you’re going to be a Princess you need to understand what real power looks like. Magic isn’t power, because magic can be taken. But fear, fear lasts forever.” She even called it a “teaching moment” for Drizella, this situation where she’d clipped the wings of someone powerful, and then destroyed them.
I can imagine a parallel scene at some point in present day where Ivy is leering at a stunned and cowering Victoria, gloating about how she managed to undermine all of her power and being all, “You taught me so well, mother.”