Relatively few people would recognize that it’s meant to stand for English (including myself), so I’m unconvinced that this would be better.
Using flags alone is already poor UI since there are many languages which spill across the borders into multiple member states and non-member states, and some member states with multiple official and commonly spoken languages.
But a menu item that reads: [Irish flag] (English) like one that reads [Swedish flag] (Svenska) does not seem worse than the legacy use of the UK flag or the popular use of the US one.