Let me give you the very summarised answer: if I were you with your travel patterns, and if the financial outlay is realistic, then I wouldn’t bother with the other programs. Stick with BA.

If you consider another status, I would go for ULTI rather than HON. For the past 20 years, I always felt that HON was superior to whatever the highest status on FB was (first Plat, then Ultimate), but that is no longer necessarily true. For two main reasons: ULTI has significantly improved in terms of benefits and quality of delivery, whilst HON has deteriorated, not so much in terms of benefits but very much in quality of delivery (call centre no longer good; you still get vouchers, but impossible to use; personal care/attention dramatically reduced since Covid and since outsourcing of many flights to wetlease partners; all kinds of stingy restrictions and policies that HONs are not exempt from. LH Group introduces more restrictions and fees for HONs whilst ULTI does away with them. And so on). The second reason is that in order to obtain HON, you will need to fly with airlines of the Lufthansa group, which really has become a very very mediocre experience. On a long haul, Air France is miles better, and even on European flights. Lufthansa and Swiss have underinvested for many years and at the same time squeezed the lemon, so that now the product is rather poor and the entire airline group suffers from operational reliability issues. What speaks for them are MUC and ZRH as transfer airports, and a small number of pleasant HON benefits, but that's it.

To give you a sense: for me, I have this past year for the first time shifted priorities. In the past, I always ensure that I flew enough to retain HON, and took FB Ultimate as am "accidental benefit" if it happened, but never felt that it justified shifting business to AFKL. This is now the other way around. I want to make sure I maintain ultimate, and take HON as a "positive accident" if it happens that my flying will take me there without targeting it.

Happy to elaborate more, or I can point you to another thread where I have already elaborated on that in the Lufthansa forum. Or we go for drinks, I am on your side of the Channel every week anyways.