The easy way to answer the OP question is:
- what is the $/point earning cost
- what is the $/point spending value

For Bonvoy, I earn the points at about $0.003 each When you offset the opportunity cost of other possible earnings, perhaps it goes up to $0.005. I redeem always above $0.01, usually above $0.02 -- hotels that are $500 per night (which are now plentiful) are often available for 35,000 points per night -- or less.

To contrast, my airline redemptions usually stick fairly close to their costs. I still keep a stash because there are "sweet spots" that arise in the various programs,. My most recent AA redemption was a last-minute domestic F work trip to Dallas that would have costed $1000 cash but I got it for 15,000 points "Value sAAver" or sthg. like that. But normally that would be 50k points. And 50k points is the equivalent of about $750 spend.

TL; DR -- my hotel points are worth double their cost. Airlines points are less of a bargain.