Not a good deal. You can get a one-year full subscription (digital and print) for under 100€. (You just need to VPN to the right country.)
Unfortunately, they closed the loophole that you get points as well. Still, I'd rather pay under 100€ a year than ~500€ for two years + 12.000 Accor points.
(And, btw, 12.000 Accor points don't equate to 240€ cash. 2.000 Accor points are worth strictly less than 40€ cash. They're worth probably around 0.85 x 40€. You will not earn cashback or new points when you pay with points. The exception of erroneous credit proves the rule.)