I will say, the member price can vary interestingly from normal cash rates. I have a cash booking at Aulani 12/29 - 1/2 as I couldn't get points rooms during those times.
The rates were very close to retail, but "slightly" less. On 1/1, while retail rates go up, my rate went down (likely a discount applied).
I clearly wasn't getting a 25% discount, or even 5%, but it was a bit less. Not sure how that works.
YMMV, never hurts to call and ask before booking cash if you need to.