Just found the answer to my own question from a FAQ on the side of the promo:
"Will I earn Marriott Rewards points when I book a Vacations by Marriott?
Yes. Marriott Rewards members will receive 5,000 bonus Marriott Rewards points when you book a Vacations by Marriott package and complete your stay. You will not earn points based on your hotel rate and will not earn elite night credit. You must enter your Marriott Rewards number at the time of booking.
"
The answer is NO, no elite night credit and only 5000 points. Not worth it for me, then.