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I think that depends on how they fly- if it’s always business class and above then membership of a loyalty scheme such as BA is essentially meaningless- what it does is give someone flying in economy some of the perks of business travel.
So! Meaningless to those who fly on expensive tickets, very much not for those who fly on the cheaper ones.
I’m sure it’s not, but it’s a huge move for BA to make, and it’s culturally a big deal in Britain.
The glass half empty here is that a lot of people stop using them for short haul and then their European routes get pruned back sharply, which (if said routes are profitable) might be an issue.