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Highly dependent on how much you’ll travel next year. If you think you’ll we doing the weekly grind or any big international trips where you could use the upgrades, I would do it.
Contact your travel group to argue for status on your behalf. I got rounded up 10k miles once because they went to bat for me (as a one-time courtesy)
Check the buy up offer at elite.aa.com to see if it’s reasonable. Remember you can also fly partners and use the EQD mileage chart to hit that extra 1k while spending less than that
And yes totally worth it. Made EP for the first time last year and it was the difference between seeing upgrades once in a blue moon to about 75 percent of my flights. Plus you get those System wide upgrades. Use them for international travel and you make your money back in no time