Depends on next best use. I have a planned summer 2022 redemption for which I am holding 160k in reserve, should be excellent value pending dynamic pricing changes. I also have a few one night stays this summer that I booked as points because the value was approaching a penny per point once taxes are considered. The summer promo with 3k points for credit card holders is going to make reconsider making a few of those paid stays, likely the cheaper after tax is considered.
There are also situational considerations, a point stay earns no points on incidental spend so if for some reason you predict spending significantly on dinner/drinks/parking you probably want that stay to be cash.