Yes, the downside in return for some of the excellent flight plus hotel deals with BA Holidays is that you have to give a lot more notice in requesting a FTV than a flight only booking and also, some of the hotel components may be non-refundable and may be forfeited (ie don’t count towards towards the FTV).
Personally I have taken to booking flights separately to hotels during these uncertain times, as most hotel booking websites allow cancellation without penalty upto 24-48 hours prior to the stay.

I’ve accepted that I may miss out on getting the previous great deals through BA Holidays.