It does to the extent that one will use it. I’m not traveling as much for work as in the past, so I won’t get to the top anymore.
My main airline is AA and having the ability to earn loyalty points on credit card spend and AA hotels (which often earns better than flights) allows me to target a higher status if I’m close enough. I prefer to get to AA platinum as a minimum so I can choose main cabin extra at booking - with my family all being tall it is great.
Marriott I have lifetime platinum so I won’t chase titanium unless I’m close. I think it is worth having for the breakfast amenity especially at high end properties on vacation, often saving $50 to $100+ per day. Upgrades are hit more than miss so it is a win in my book. I have experienced amazing upgrades at places like St Regis NY, St Regis Bal Harbour, and Gritti Palace Venice all from points stay at base room to suite selling for $3k to $5k per night.
Bottom line is that I’ll make the extra push if I’m within striking distance of the next level, and that all means I earn more points with business and personal travel so it is worth it. Unless my business travel increases to pre-pandemic levels I won’t have reason to get AA executive platinum again.