If my math is right, the c&p option is $260 less for 4800 points vs cash*. At more than 5 cents a point, that seems like a winner.
Similar math on an all award would say to save the addtional $90, you would have to use 9200 points.
C&P is the way to go, unless you earn slowly and are saving up for a splashy Cat 6 or above stay.
PS * Valued breakfast at $0, adjust my math accordingly