I don’t think the 5 elite nights is a great option - there are rare cases where it makes sense since you are already platinum when you can get it. Maybe wait until December to decide since at that time you will know if it will be consequential. The only times I have needed more nights in years past I was pushing to get platinum in SPG when I had a downturn in business travel.

As a legacy SPG member I always took the 10 Suite night awards and usually used half of them ( since they are not a guarantee). Now getting two awards (at 50 and 75 nights) I took 5 SNA and then 40% off a bed since we needed one - getting a St Regis bed is pretty cool.