Status is good only if it provides the benefit you need. The core elite benefits on most airlines are: additional free luggage, free seat selection, priority check-in line, priority boarding, lounge access(elite plus only), upgrades (depending on individual airlines policy).
Upgrades are rare if you have status from another airlines. Even if you have status with the airlines you are flying, you need to have very high status level to be on higher upgrade priority. Free upgrades on long haul flights are rare.