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I hate to say it but most of these Oscars given to actors/actresses late in life are just making up for all the other times they should have won but were passed over. And the reason I hate to say it because most of them, John to be sure, are top shelf talents who's reputation is kind of soiled over The Academy's antics of awarding Oscars on this basis.
It's kind of like the story about a famous person saying they'd rather have someone ask why there is no statue of them than having people ask why they have a statue. Some people are going to scoff because of why he got an Oscar and overlook all the times he should have gotten one but didn't.
Gielgud was famed as a great stage actor who was underused by the cinema - he appeared in a lot of films, especially later in life, but few made use of his renowned talents. He could have performed his role in Arthur in his sleep.
His best role from those I’ve seen was in Providence (1977), which was certainly an Oscar-worthy performance.