Using points for the cruise is not the most cost effective way to use points. That being said, we have cruised on points 7 times. The biggest benefit we find is that we only pay the $95 out of pocket. Of course the MF on the points used would be a cost as well, but we pay that monthly via direct pay, so that is just another recurring bill to us. We usually keep 1 OOB cash ressie going as well and just move it until we decide to use it. If we had to come up with the cash for some of the cruises we take, ie Alaska, Panama Canal, it would be really difficult, so we just use the points.
Definitely explore all of your options.