"worth" what, would be my question. There is no cost to signing up, or earning points where you choose to stay. Paying for a credit card to earn points, or staying in a different hotel and spending more money to earn points are things I've never done, and would be a different consideration.

Since retiring, I've redeemed a large number of points traveling to my kids' colleges. Move-in, family weekend, etc., can be very high demand and quite pricey. I'm current holding multiple 21K/night Marriott award nights for Family Weekend this fall, which is always on a (Big 10) football weekend. The few rooms available for cash are $436/night, pre-paid, non-nonrefundable.

5 years and counting, 4 trips per year, 2 nights per trip - that's ~800K points to avoid $12,000 spend ($300/nt. average). Yes, quite worth it. (I accrued most of them when working, for business, so I didn't pay, so these are essentially free points. But still valuable if self-earned wisely)