No. BA is simply the marketing carrier and its sole obligation is to refund the ticket without penalties.
OP's claim would be against the operating carrier, e.g. AB under EC 261/2004. AB has the obligation to refund, rebook now or rebook later at the passenger's option. But, AB is insolvent and thus can't. OP will therefore have an unsecured claim against AB under EC 261/2004, one which will amost certainly never pay out anything.
While BA was reportedly rebooking in slightly better times, it is not doing so now. That is not surprising under the circumstances and it is not a matter of an individual agent's discretion any longer.
I would deal with this sooner rather than later. The avios can be used to purchase a new BA redemption ticket with a possible OW connection to OP's destination (it would be useful to know that). But, as time passes, the lack of inventory occasioned by AB's cessation of long haul will lead to higher prices.