Yes, but SWA doesn't necessarily give you more free flights - although they are a good deal for short hops. Many people assume they are way better - maybe not.

As an PLT or above, 1 RT booked on AA.com under 500 miles WITH 1 Connection yields 5000 miles. So that would be 565,000 AA miles or 22 econ roundtrips to more places than SWA flies to.

Assuming 0 connections with all this flying, you still get a min of 3000 AA miles per RT, so a minimum of 13 RTs. You can argue they are worth less than SWA because of capacity controls, but I think these are well cancelled by more destination options.

The companion pass is made up for by free domestic upgrades systemwide for EXPs (on any fare).

SWA's FF program is an OK deal for short hops, but as soon as you have to do even 1 connection elite status on other carriers will earn you free flights faster. Not to mention that the best award values are premium cabin awards internationally...something SWA will never be able to offer.