Why are you asking CCTV to eradicate crime? That's like saying universal health care is not worth it unless it can make everyone live forever.
Why not compare pre-CCTV London crime to post-CCTV London crime? You're absolutely right that it's difficult to compare the two countries. Many European countries have lighter punishments than the US does. It wouldn't surprise me if CCTV catches criminals that the system puts out on the street again. It's hard to imagine a scenario in which having videos does not make it easier to identify and catch criminals.
I'm not sure when "pre-CCTV" London was. But the stats available going back 20 years (when blanket CCTV was presumably harder to do) don't seem to show much of a drop in crime. Of course it's hard to say what crime would be like now without CCTV, but I'd say that the burden of proof is on the people who support CCTV, since at the very least it's pretty expensive.
If you can't imagine how CCTV could make catching criminals more difficult, then I'd argue you're just not thinking hard enough about it. At the very least, CCTV takes money away from all other possible police uses, so it needs to be more effective than other ways the money could be spent. Visible cameras are more likely to drive crime into areas not covered by cameras. Which is great if you're a store owner, but less great if you're trying to stop street crime. And while cameras can provide evidence that something happened, they're not actually that great at identifying people without knowing who they are ahead of time. Facial recognition is hard, and it's really hard at a weird angle from a camera a hundred feet away.
There are certainly situations where cameras work, but there are a lot of situations where they fail. And since they're not free, some trade-off analysis should be done before saying "hey, why not".
The real argument against CCTV is the "creepiness factor" which is fairly irrational once you realize that you never had a right to privacy in public anyway. I like to ask people to imagine that you live in a small town in 19th Century America. Do you think walking the streets you'd have anywhere near the level of anonymity that you have now? Hell no. Everyone knew your business. If you're concerned about the government knowing your business than make a subpoena necessary to access records. It's not that difficult.
I'm not sure it's a very good solution to allow the government to gather unlimited records about you, then somehow require a subpoena for them to access that information. I'm not a lawyer, but that sounds kind of stupid from a legal perspective.
In any case, the point I was making was about the EXPECTATION of privacy. I don't live in 19th Century America in a small town, so my expectation of privacy is different than someone living in that time in such a place. And while your hypothetical small town neighbors could know your business, even back then it was reasonably assumed that the government wasn't keeping track of your every movement.
Technology has made casual surveillance much easier, allowing surveillance on a level not previously possible for practical reasons (cops COULD follow you around all day, but they have better things to do). I think it's reasonable for the law to keep pace with technological advances in police capabilities.