I book this way a few times a year. If you cancel you don’t get the chase points back but you do get a travel bank credit back. The benefit is you can use this to book other people tickets if needed.

due to covid I had a flight canceled and I worked with chase to get the chase points back but like I said the flight was cancelled it wasn’t my choice to cancel. The only reason I did this is it was a significant amount of points and I was over exposed with B6 travel bank.