I have a number of photographic distinctions and, although other members of my camera club would recognise them, I did not try to achieve them other than to set a target to challenge myself. In the case of RPS, they do offer various advice and services to members; the distinctions are just one of those services. One problem with the RPS is that you have to maintain your annual membership to keep the distinction which can prove expensive in retirement. My current distinctions are for life with no ongoing fee. I did consider joining the RPS a while ago when they were considering moving from Bath to my home town where I would have been able to readily benefit from their services and events. However, they could not afford the building they were considering and moved elsewhere (Bristol) so I did not join (i.e. I would not join just for the distinctions).
Dave