ffly , yes, there are trade-offs between the AAdvantage program and Iberia Club. OWS through Iberia Club, as noted, gets you lounge access when flying AA domestically, while OWS through AAdvantage does not. But AAdvantage miles are generally considered more valuable than Avios for redemptions. (There are some exceptions, of course.) And AAdvantage flight redemptions are fully refundable (no fee) prior to scheduled departure time.

If your travels involve hotel stays and/or car rentals, note that such activities can also earn AAdvantage Loyalty Points if you choose to credit to AA. That could help you reach AAdvantage Gold and then AAdvantage Platinum.