Is Velocity almost defunct for long-haul business class rewards?

I was looking for J to Europe end of May next year and had decent options both ways with SIA or Qatar from multiple destinations.

I hadn't taken much notice of redemption rates since SIA upped their rates last time but I noticed booking via Velocity was much cheaper points wise than transferring to Krisflyer miles for the same flight. One way Brisbane to Brussels was 158,500 Velocity points whereas SIA wants 141,000 Krisflyer miles (Saver rate) which works out at ~218,500 Velocity points if you're transferring them across to Krisflyer. Taxes are about $400 more with Velocity but 60,000 points is a pretty big difference.

*My maths may be way off though as I have been drinking 🥳
 
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