Merita refers to Olai here as “His Highness”.
A King or Queen is typically referred to as “Your Majesty” with Prince and Princess’ referred to by “Your (Royal) Highness” instead.
However, Raven and Crow are referred to “My Lady” which is used to refer to several forms of royalty below Prince/Princess status such as Marquesses, Duchesses etc. It changes depending on the country you’re looking at. So unless Raven and Crow aren’t Princesses for some reason, then it would seem Michelle has already deviated from any modern form of royal terms of address and is using her own within this fantasy setting.
Odin could be a King or Prince. We still don’t know yet from that one term of address.