It can in some circumstances and for some people, but the opportunity to earn AAdvantage miles as an Aussie living in Australia can be limited. So while an award redemption may require a lower number of AA miles than QFF points, the cost to earn those miles may be higher and take longer than to earn the QFF points.
I have managed some good value from AAdvantage miles over many years, but its not always the best program for all redemption travel.
Last year I used QFF points for business class BNE-LAX-BNE (QFF classic rewards for two passengers) and then used AA miles for USA domestic flights (LAX-AUS-JFK//ALB-ORD-CLT-LEX-CLT-TPA-SAN-SFO-LAX (all in domestic F cabin). The AA rewards flights are mostly dynamic pricing these days, so can vary a lot in cost depending on current purchase pricing.
But the main way I earn AA miles these days is laundering Amex MR points through Marriott Bonvoy, which is not a good value as it used to be. This works for me as I have QFF Lifetime Gold status that I can use for status benefits when tarvelling any OneWorld services. My AA Lifetime Gold status is rarely used for any benefits.