This is about UK and the southeast runway capacity in particular and that’s with what the Davies report was tasked with identifying .
It’s not and never has been about creating a Mega Hub and Spoke airport for one alliance or another !
And anyway IAG compete extensively for traffic from Southern France, Italy , Switzerland and Germany particularly on their prime long haul offerings to and from the USA.
BTW if point to point traffic from the UK regions to the major EU hubs and business centres were as low as 10% they would be losing shed loads of money.
Reality is closer to 60% being point to point particularly to Amsterdam and Paris
Point to point and full fare tickets need to be around 60% of sales (a opposed to seats occupied) to break even and indeed most are .
Paris and Amsterdam in particular generate 100s of thousands of point to point traffic both leisure and business annually
Frankfurk true rather less than that and that’s reflected in the relatively few UK points Lufthansa fly to.
Just Heathrow Birmingham Manchester and Edinburgh,
Munich has rather more point to point leisure traffic in the mix.