Welcome to Flyertalk.
Inasmuch as this is a travel forum it would be unusual to convert points potentially worth $0.02 in airfare for $0.01 in cash, but you are correct that American Express's cash redemption options are unattractive.
See here:
https://rewards.americanexpress.com/...svc/pricinghub
The marketing is misleading...It's their prerogative to determine the value of their points, but they advertise the card's points rewards just like everyone else. The "2x" points was one of their main selling points, as you can redeem these for airfare.
Happy to be here, thanks