Here's the answer that I received back after an inquiry to my ambassador; the answer came from a separate support team:
"I do see that you have re-earned Platinum status in 2019 for a 7th Platinum year. I have inquired and received confirmation that on January 31, 2020 our Tech team started updating Elite and Lifetime status on millions of accounts. There are no timelines or deadlines as to when it will be completed."