Absolutely depends how much you can use the benefits and offers. I paid £40 for a £240 dinner the other month as they had a restaurant offer on, but that on its own only partially offsets the membership fee. I travel standard class on Eurostar but enjoy using the Business Premier lounges but whether that is “worth it” is a) partly a personal opinion and/or b) dependent on how often you use the benefit. I had less benefit in lockdown when not travelling, but they did lots of cashback offers such as spend up to £175 at Waitrose and get a statement credit for that amount. Plus there are various insurance benefits etc.
In pure financial terms it’s only “worth it” if you can extract more than the membership fee, but some of the other stuff may make it “worth it” too depending on your point of view.
Edit - I started off with a green card in 1990 and after a while they offered me a gold upgrade (although that’s now a credit card not a charge card) then about 2001 a platinum card - it was a hell of a lot cheaper then mind you.