Have you priced UK-AU on QF, JL, QR, MH, CX, BA & UL. [If they return to AU post pandemic) And then the other non OW airlines.
QF flexible economy may get you PE on other airlines (where offered)

What do you expect from status? What do you use your ff miles/points for? No use accumulating too many ff miles/points as all ffp's depreciate.
Living in UK makes little sense to belong to QF ffp. But if your flying is only the kangaroo route and nil credit card points a small reason for QF ffp.
Generally better to be a member off the airline you fly most (distance and/or flights and/or spend)

Qantas' and other airlines behaviour during the pandemic has been dictated a lot by govt policy (AU and other govts) and few/no pax

The grass is not always greener on the other side