Vueling Club Premium doesn't get you anything substantial. Just a bit of savings by receiving Priority Boarding + overhead bin for free instead of paying for one of the front row seats. (and if it's for work it's just OPM you are saving) If you need fast track security at BCN, you're doing BCN wrong...

It's certainly possible to reach IB status using IB codeshares on VY and BA (to LHR mostly) And if you have Oro status and book VY using an IB code, you receive lounge access as well.

And although it's just one data point, I booked some inlaws on a IB codeshare on VY recently and they were assigned Row 2 seats, priority boarding, and were even moved to an earlier flight - so certainly nothing missing at all in terms of "status benefits".