The free coffee disappeared at the beginning of the pandemic (it's "suspended"), in two weeks the newspaper offer is going. There were to my mind the only tangible benefits of having this loyalty card.
They claim there will be "personalised offers". Of course this is vague, but all it sounds like is that the Waitrose card will become like the loyalty cards of many shops where they get the benefit of tracking your purchases and in return for the loss of your privacy, you get nothing or almost nothing in practice, like the current occasional vouchers of "get x off if you spend ". (You can tell perhaps that I am not a loyalty card "fanatic", but I am willing to use some in some circumstances.)