Despite it being EY SOP it can be patchy. In my experience there are no hard and fast benefits, the experience all depends upon the crew, and the load. There is no consistency and it doesn't always happen… The minimum is a greeting and the standard phrases being used. It simply acknowledges your status. Mostly it’s the minimum required and sometimes you get no recognition at all.
In my experience the Cabin Senior or maybe the Cabin Manager will (normally) introduce themselves and thank you for your loyalty; this can be before take off, just after take off or just before landing (which seems like an afterthought|). That empty phrase “let me know if you need anything” is often used. I think the onus is on you to make the most of it, if you are a “drinker” they will keep you topped up when possible etc. Sometimes you will get the option of a priority meal service, as stated earlier, but that is infrequent.
Some CSs/CMs are proactive; if the load is lighter then you can get top notch service and visits asking if all is ok and if you need another drink etc. I’ve even had BC amenity kits presented to me.
They should ensure their crew working your area are aware of Platinum and Gold EY Guests to ensure you get good service, sadly that rarely happens.
When done well you feel EY actually appreciates your business, unfortunately these days that is rare, normally you are just another passenger.