I think they are. I just checked some existing reservations that were nonrefundable and I had upgrade now option for points and e-stand. At the bottom of the reservation it will show both the immediate upgrade (points) and the e-standby (money).

Thanks to suvuk for pointing out the ability to have immediate and confirmed upgrades using points. I don't usually use this option as it's often a room I'll probably get a free upgrade to at check-in but sometimes will check the e-standby for a large suite. The $27 upgrade I listed before is for a 1200 sq ft suite. I also used this option at the MAD airport for their "relaxation suite".