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Elite upgrade: a bit lost

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I am collecting points for some time but I am still lost about the status system and the benefits of them.

I am currently holding Classic Plus and I need 9600 status miles to become Elite Member. 10k costs 700 dollars and I am contemplating if K should do this or not.

I also never used my miles. I do not know how to do it anyways. I mean for what can I use them. What is good amount to start to use miles? I now have little over 100k miles in total. Some will disappear in summer so I must use them soon I guess.

Some expert opinions are appreciated :) help this clueless soul to sort her M&S life please.

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