It’s been my experience over the past ~year (as a top-tier flier on multiple airlines) that the airlines have completely depreciated their frequent flyer programs to the extent that regardless of your status the only thing you really get is, preferred economy seating, not boarding last, and some free checked bags.

I used to direct my spend to preferred airlines, now I don’t bother, it literally doesn’t matter.

(Not to mention the ~80% devaluation in mile value)