Interesting numbers. So in 2024, 22.77% were O/D and 77.23% were transfer pax. I wonder how those were counted e.g. if I have a long layover that involves a hotel say, does that count as O/D or transfer...

It's still a large proportion of transfer pax. I'm ambivalent about lounge access for upgrades (I can see both sides); but ultimately QR is selling a product for a price. They do make it clear that you don't get lounge access before you purchase the upgrade, so it's up to anyone to judge whether it's a worthy purchase.