No, that's not right. The $200 credit is not an either/or in relation to your Avios. You should receive your 3x spend in Avios and the $200 refund if it's an eligible ticket.

Interestingly it looks like it's now 5x spend in Avios on BA tickets in 2021.

This from the terms and conditions:

6returns to footnote 6 Up To $600 Reward Statement Credit

a. Chase Cardmembers will receive a statement credit of up to $200 US per booking for taxes, fees and charges paid in full using their British Airways credit card (“Card”) when redeeming Avios for a reward flight on British Airways. The statement credit will post to the Cardmember’s credit card account within 45 days of the eligible booking being ticketed and payment received and will appear on the Cardmember’s monthly credit card billing statement within 1-2 billing cycles. Cardmembers are responsible for payment of all charges until the statement credit posts to their account. Account must be open and not in default at the time the statement credit is posted to Cardmember’s account. The statement credit will be applied at a booking level (i.e., not per ticket) and be subject to these terms and conditions.

b. Cardmembers will receive a $100 statement credit per reward flight booking in economy (World Traveller) or premium economy (World Traveller Plus); or a $200 statement credit for all other reward flight bookings in business (Club World) and First.

c. Cardmembers will be eligible to receive no more than three (3) statement credits for three (3) individual bookings in any single calendar year, up to $600 in statement credits per calendar year.

d. The booking must be for a transatlantic international travel itinerary redeemed from Cardmember’s Executive Club account with the transatlantic portion departing from the United States solely on aircraft operated by British Airways. The booking may include a connecting flight on a code share partner for the non-transatlantic portion of the itinerary.

e. If the reward flight booking is cancelled, Chase reserves the right to reverse the statement credit on the Cardmember’s credit card account.

f. Chase and/or British Airways reserve the right to modify or cancel this offer at any time and without notice.

Chase is only responsible for receiving information from British Airways in order to post the statement credit to your credit card account, and is not responsible for the provision of or failure to provide the rest of the stated benefits and services.
Full details here at the bottom of this link:
https://creditcards.chase.com/avios/...ays/redemption