You're right, I just checked my reservation at the St. Regis for last year.
We paid 414k + $1620 for 5 nights, this was with a "points upgrade" to a beach villa (I would never book a garden villa at the St. Regis), and at the same time of the year, in peak season (January).
So that's about $4,900 or so. Ok, so it's about $200 more per night. But the F&B was cheaper than at the PH.
Then again, I don't know what this year's points pricing is like at the StR - I guess they've increased the prices again.

Anyway, my main point is: The PH is fine. But for someone who has both Marriott and Hyatt points (and status with both), I would by far prefer the StR.
Some people say that the hotels are completely different and can't be compared, but I don't share that sentiment. Yes, probably the beach/reef are better at the PH, it's a bit smaller, it's a bit more quiet.
But it's not night and day - overall I find them very, very similar, but with the StR simply being a lot newer and more luxurious (especially regarding the transfer), with better and less expensive F&B options.
That's all.

So my intention here wasn't to .... on the PH or those who love the hotel, but simply to give some advice to other people booking on points and trying to decide between the two.
I also think it's great that Happy Traveling Consultant is providing a different perspective.

In my opinion, elite recognition was excellent at the StR. On our first stay (Jan 2020), we were upgraded to what has to be the best room on the island, an extra large OWV (probably almost double the size of the other villas) at the end of the "pier", so we had maximum privacy. I believe we booked an OWV (points upgrade).
On our second stay, we got the duplex beach villa we had booked, as we went with my in-laws.
On our third stay, we booked the beach villa I mentioned above, and it was the best beach villa on the island (except for the high categories for large groups). It was absolutely perfect, we hardly ever saw anyone else in front of our villa either.
I also wouldn't say the StR was any more or less crowded than the PH, I feel they're about the same, and we always went in January (peak season).