I think it probably is not that dissimilar from how the Diamond lounge benefit was before WOH, and the Globalist benefit is now, when staying at a property with a lounge.

As a Diamond, when at a hotel with a lounge, I would often get lounge access without being put in a club room. In some hotels, it involved a significant trek -- like HR Maui. Often, I also received upgraded rooms, but not always. Sometimes just a standard room with the ability to go to the lounge. I think that's how this Explorist perk will go.