Only if the points are transferable to airlines (which should require also holding Prestige or Premier), but if Citi locks out that possibility a $0.02=2 TYP transfer does not increase value.
It does, since if you have Premier you will get 1.25cpp on travel. Plus, if you have Rewards+, it will increase the value to 1.39cpp up to 100k, or more if you have multiple R+ cards. This will also increase to 1.85cpp, if you have Prestige, Premier and Rewards+, and if you book 4 nights via portal, but only 2 times a year.