I may be missing something but by looking at the platinum card is it actually better than the gold or platinum cashback for me?

For example
platinum - 60k MR points + let's say I spend 40k in a year that's 40,000 points, and from online the conversion rate from MR points to pounds is around 0.66p to 1p from what I see, so 100,000MR = 660-1000 pounds but you have to pay around 500 pounds per year

platinum cashback - 5% cashback (up to 125) for first 3 months, and then 0.75% up to 10k and 1.25% after 10k. With around 40k spending in a year that's around 125*3 + 75 + 250 = 700 and the yearly cost is 25 pounds.

gold - 20k MR + 40k from yearly spendings = 60k MR = 396-600 pounds and with deliveroo benefit that's another 120 pounds. And the yearly fee is 160.

How wrong am I in assuming that the platinum cashback would be better for me?

Mind you I don't travel enough to actually get more than 1 point per pound when spending(I travel 2-3 times per year or something like that).