Pointless retaining WP or P1 when there's no international flying anyway (to mid July 2021 if speculation is true).
Whilst there's no domestic First Lounge (well there is the Chairman's Lounge but that's invitation only and may not reopen for some time), there are still benefits for domestic flying for WP and P1.
For example:
P1 can select front row economy seats (if available) when booking which on many planes gives extra leg room and means you'll be one of the first off the plane after it lands.
WP can select the third row of economy when they book (if seats not yet taken) and at T-80 can often select the front row of economy (SG probably can select row 4 at T-80 too, but WP may see more seats at T-80 which is useful if travelling in a group).
WP and P1 can go into the Domestic Business Lounge even when flying economy.
If you only fly Business Domestically then it may not mean a lot, but they are nice benefits to have (though probably not worth going out of one's way to get on their own).
SG is probably the sweet spot for domestic only with priority boarding and access to the QANTAS Club lounges.
QF may decide to further extend status or temporarily make it significantly easier to retain or attain.
Heart goes out to all the QF staff affected from today's announcement.
Hopefully a vaccine is found sooner than expected and QF can rehire some of these staff in the future. It's certainly devastating for them.
It takes many years of training for pilots, engineers etc. and when new opportunities arise there's likely to be lots of competition for the few roles available. Those nearing retirement age may find it especially difficult.
One feels particularly for those who went through Ansett's collapse, managed to get a job at QANTAS and now will be laid off again.