When people have a high status with a hotel chain or airline, my question was would they tend to sway that way and be biased towards that, when other options may be better.
It's a consideration for me, but not determinative.
I have top tier with Marriott but am booking almost exclusively now with Hyatt (where I am mid-tier) or program-unaffiliated properties.
In the past I would often book with Marriott despite the availability of more attractive properties due to the rewards program, but as a consequence of program devaluations, those days are over.