I have benefitted from LT gold in the sense it releases one from the requirement to hold an AA credit card for bags, boarding, provides Priority Access (less value now with TSA pre-check and Clear), and generally makes a MCE seat available at check-in if one is diligent about timing.
I have also been decently lucky on upgrades as Gold, especially LAX-LAS-LAX (no cost) and even LAX-JFK on occasion.
However, to the OP's point, I also expect the relatively easy opportunity to earn Gold (or higher) through credit card spend will make the scarcer benefits of LT Gold even more elusive, so the value of LT status certainly appears to be diminishing.