There has never been, IIRC, a comp for P1. It has been a very hard line set by QF.. but yes, there has been many instances of a soft landing to WP from P1 even with zero activity. Of course this practice is subject to change at any time by QF as we all know.
Just a comment on the "gall" of QFF to offer the 120k to retain WP. I strongly suspect this is more of a "left hand" and "right hand" thing. It's likely now automated or part automated to make the offer to points retain, but that probably either does not know or does not take into account pending points claims.
I mean in many ways *IF* (big huge massive IF) the 120k points offer to retain (each member's value of this will vary) was consistent to all, then that would be better (again people's view on the value of such offers will vary) than the seemingly random system of comps that used to exist and seems to have pretty much gone the way of the dodo in favour of a pay to retain offer.
At any rate IMO the offer is just made on the basis of what existed in the account at the time, and probably nothing to do with any pending claim or points not yet credited .