VA - not really, unless perhaps status or when you can find an award flight you want with VA but not QF, and don't mind the worse transfer (and hence burn) rate.
SQ - most definitely, for a couple of reasons.
First of all, SQ's burn rate is much better than QF's, so you may well work out neutral - or, sometimes, even in-front - when transferring to/redeeming on SQ, despite the worse earn rate. For example, MEL-x-LHR is 128k QFF points in J on QF, but it's only 86k KF points in J on SQ. Taking into account the earn rate, both work out to roughly $103k of spend on the card. And I'd argue that SQ's product and schedule (out of MEL at least) is better.
Second, availability. SQ's award seat availability absolutely destroys QF, especially when combined with waitlisting. So you'll often be able to find a SQ award seat when QF is offering you nada, zip, zilch.
Generally, you'd be right - if you want SQ or VA points you'd be better off with another card. That said, some people may have an annual spend low enough that they can't justify more than one card, but yet still want the flexibility of earning into QF and/or VA and/or SQ - in which case CBG fits the bill nicely.