I can't tell you whether it does or not, but when I was figuring out if I should keep the 3 AUs I looked at 2 big items-skyclub (or you can fill in centurion lounge) access and Amex Offers.
If my 3 AUs used Skyclub more than 6 times in one year, we'd break even. In 5 months Skyclub has been used 7 times, Centurion Lounge twice. Amex offers savings for the past 5 months total $360 between the 3, so it's clear when I renew that AUs more than make up the cost.
As for me, I think the $100 Saks credit and the airline credit which I probably use half to all of it now decreases the OOP to at least $350 if not $300 and I've saved about $100 in amex offers over the past 5 months, taking OOP to $200-$250. How much do I value Centurion Lounge? Eh, maybe $100. Marriott and Hilton gold? Around $50, so now I'm looking at the value of the card for $100. When I factor in 5x MRs on flights paid with cash then the card makes sense to me, for now.
Anyway, those are the parameters I examine every May when deciding whether to keep or pc my platinum.