Thank you all for your input which has helped me clarify my thinking.

We are definitely sub optimal users of AP points and less sub optimal users of Bonvoy points.

Our AP points are exclusively used by our adult kids who use them for domestic flights to visit family at roughly a 1.3c redemption rate.

Our e-ups and priority awards always expire with zero value.

We can get roughly 1.5c from our Bonvoy points relatively easily.

The redemption value of our AP points may well improve next year when we can gift both of our adult kids E50K status as we are now both SE for the first time.

Bonvoy money spent at Bonvoy properties on a Bonvoy AmEx card accumulate at roughly a 4X rate compared to the same spend on an AP card at a Bonvoy property.

AP and Bonvoy points are worth about the same in my use case yet Bonvoy points are much easier to earn from credit card spend at Bonvoy properties.

Another substantial difference is that Bonvoy gives the equivalent of SQx for award bookings while AP gives zero SQx for award bookings.

It is easy to feel appreciated as a customer while booking Bonvoy reward stays and completely ignored as a customer while booking AP reward flights.

The basic arithmetic supports collecting Bonvoy points and converting them to AP points as a last resort.

Yet another reason to recognise that AC does not understand that commercial relationships are mutual.

It remains to be seen whether their point of view will be validated or vanquished the next time that the economy gets softer.