You are correct. On the App, it indicates, for me: "You met your spend goal! Your additional benefits will unlock in your next statement cycle," which is followed by listing the locked benefits of IHG Diamond, WN A-List status, and the $500 WN credit.

To a point that belynch made earlier, it is unfortunate that Chase will apparently delay unlocking the $75,000+ annual spend benefits until the next statement cycle for those of us who already met the spend requirement as of our already-passed last billing cycle or even earlier in the year.