Sometimes, yes, you're not going to be getting a lot of value out of your points for 1 BRs - I'm not so sure I'd go so far as to say you'll save money by paying cash rates. More that it will take you a lot longer to recoup the upfront cost of your points.
If you have an AP and want a SSR 1 BR this summer, you can get it for under $15/point. You'd still be getting value from using your points (assuming you aren't using VB points

), but not a whole lot. OTOH, if I booked cash for my CCV 1 BR this past February (assuming I could have secured it on cash), I would have paid close to $32/point. Sure, it isn't resort view studio in December levels of value, but I think it is a plenty fine level of financial value.