Only for those on the monthly plan (£4.99/month, which equates to £59.88 for 12 months). If you're buying £1000+ worth of tickets every year (* and the rate of expenditure is relatively stable from month to month) then you're better off with the annual (£49.99/year) plan.
Just to update on this.
I've just cancelled my Uber One subscription after the three month trial period.
When you leave, you are presented with a list of options.
I chose the 'not saving enough' option. Inputting a short reason that I did not feel I spenf enough to warrant the £49.99 a year fee.
I was only using Uber for the train ticket aspect. Had no interest in Taxis, or food being delivered. I would walk, or collect food myself.
However, when you click 'leave' there are a couple of nag screens that try to get you to change your mind.
On the final nag screen, an offer for 20% off Uber one subscription appears. This would take the annual fee down to around £40.
Not sure if anyone else will get this. However, it may be of some benefit to others if they are offered this too.
I did cancel my subscription though. As I felt 5% cashback is better than nothing - for free.