I'm already downgrading to a Platinum after these changes, it's just not worth it for me anymore with such a high fee.

My outstanding question right now is with travel insurance. I'm always paying for my US trips with AMEX because of the travel insurance and luggage insurance policies. Right now, getting good travel insurance for each of my trips is around 180€, which means 720€ for my yearly US trips equaling almost to the yearly fee of Amex Platinum (780€). Theoretically, if my maths doesn't fail me I'm only "losing" 400 EPs, simulation being 4x 2000€ tickets, 1 Avios = 2 Euro, 4000 AVIOS, 10 Avios = 1 EP resulting in 400 EP at the end.
If I were to buy those travel insurances with Santander, that would give me... 36 EPs which is a complete waste of resources (if I want 36 EPs, I fly back and forth to Madrid on the same day for less money and more points).
On the other hand, if one were able to add travel Insurance during the booking process with Iberia, I assume that would count towards the total spent on the flight ticket (as with seats, bags, etc), which would give around 180EP/flight, but adding such service on a US trip bought from Iberia on the website at the time of booking it's impossible right now. 720EP would be worth not using AMEX insurance anymore and canceling the card.

The more I think about it, the more I want to cancel the Amex card. The only thing I kinda keep it for is the PriorityPass lounges and insurance. The Amex points are quite underwhelming in value, 11600€ spent in Amex yields 52€ in cash. 580 PE is way more attractive.