While you won't really "lose" with it, if your only benefit is marginally saving money on a specific hotel for 1 night each year, it's not 100% worth it in every case for everyone to hold another credit card.

If you stay at IHG hotels somewhat regularly, the card is a no-brainer. Platinum Elite doesn't do a whole lot, but it won't hurt to have. The 10x earn is decent. The 4th night free can be a game-changer.