I'd say 1.2 cpm is probably pretty standard for a Y redemption within North America these days. To be fair, sometimes it can be well lower. You can probably find better deals than that, but it would take things like flexibility off when you can leave/return, and patience to find them. Whether or not it is worth the time to do this is going to be a bit of YMMV, and based on personal preference.

Much of the Internet will probably also have you believe that anything less than a $0.10/mile international premium cabin is not a good value, but I disagree. For one thing, while potentially possible, definitely more of a unicorn these days. Second, I'm willing to bet most, if not pretty much all, people who boast about a $0.10/mile premium cabin award would never actually put down the cash value of the premium cabin fare, meaning the number may sound good on paper, or make them feel good that they scored a great deal, but I'd argue if you'd never spend the cash on that ticket in the first place, it's disingenuous to really compare value that way. That's not saying it wasn't worth it, but just not in the way they suggest.

Value is really in the eye of the beholder. If you 'need' a vacation and don't have the cash to put out on the fares for the route (which, especially now, is mostly not unreasonable given how expensive many flights are these days), then maybe 1 cent/mile, while not traditionally a good value, might be a good value for you right now. Maybe you need to get home to see a dying relative, and just don't have the cash to spend on a last minute ticket, but have a backlog of miles. Or want the flexibility to be able to cancel, and want to have everything go back to where it came from, vs. in a credit. I wouldn't listen to the naysayers talking you its not worth it - maybe for you it is. Don't forget that the general trend is for mileage to go down in value, so hoarding them doesn't make much sense anymore.