It's going to be different everywhere.
Even as hotel prices are shooting up this summer (because of "revenge travel") in Orange County CA, for example, where I often stay related to work (but not compensated by work), the points redemptions rates are staying pretty much the same. The Quality Inn Irvine Spectrum used to have rates 16000-20000 a night (16000 through end of June, 20000 starting in July) when their paid rates were around $80 a night, and now it's still the same points rates of 16000-20000 a night even though their paid rates are about double that. When it used to be around $80 a night, I'd simply pay for the nights there, especially if there was a typical "stay 2 times earn 8000 points" promo, but now that rates have shot through the roof I'm using points for stays there.
So at those particular hotels the value of using points has shot up, hasn't it? 16000 points for a hotel which charges $150 plus tax is close to 1 cent per point, while 16000 points for a hotel which charges $80 plus tax is closer to half a cent per point. But it's the exact same hotel.
However, if you don't have past history of both paid rates and points rates to compare against for a given hotel, you can't tell whether the change in redemption value is because of time or simply because that hotel has always priced their points stays differently.
Ie, Choice Hotels don't price their points rates proportional to paid rate in most cases, so once you become aware of that, you can find better deals when paid rates shoot up and worse deals when paid rates fall through the floor.
I don't know how Choice Hotels price their points rates, but I do know as an example that Marriott Bonvoy prices their points rates based on redemption frequency at that hotel, not based on paid rates. Hotels which have a high demand for points stays have high points rates, hotels which have low demand for points stays have low points rates, in the Marriott program. So Choice Hotels isn't the only program that doesn't price points rates proportional to paid rates.