Yes, they can't put you in a VIP room and don't bring champagne, but treats in the form of bonuses and special offers are even better if you ask me.
They'd probably receive the same rewards (or maybe better) since there are different ways on how rewards can be calculated and afaik house edge is higher on physical casinos.
However, some operators also used to organize VIP events, tournaments, etc. That's something really cool as VIPs would get exclusive invitations and the chance to hang out with out VIPs. I haven't experienced this, but if anyone has it would be cool to share their experience. To me, it sounds attractive and interesting.
I also don't have any experience on this but I remember sportsbet used to do this stuff where they'll put up cool events and send their vip players out to one of the biggest football matches. Iirc buwaytress was one of the lucky guys that received an offer but I forgot which event though.