In this research, we employ Brownian dynamics simulations, density functional theory, and mean-field theory to explore the profound influence of shape anisotropy of magnetic nanoplatelets on suspension magnetic response. Each platelet is modelled as an oblate cylinder with a longitudinal point dipole, with an emphasis on strong dipolar interactions conducive to self-assembly. We investigate static structural and magnetic properties, characterising the system through pair distribution function, static structure factor, and cluster-size distribution. The findings demonstrate that shape-specific interactions and clustering lead to significant changes in reorientational relaxation times. Under zero field, distinctive modes in the dynamic magnetic susceptibility identify individual particles and particle clusters. In the presence of an applied field, the characteristic relaxation time of clusters increases, while that of single particles decreases. This research provides insights into the intricate interplay between shape anisotropy, clustering, and magnetic response in platelet suspensions, offering valuable perspectives for recent experimental observations.