I'm not sure pricing/the amount of points needed to book had anything to do with it: like I said in my OP, I was unable to book ANY room, not just the attractively priced/pointed studios.
What made me lose out on NYE this year is twofold: one, Disney's computers/servers crashed
at the exact moment I was finalizing the reservation that I
was able to initially grab and two, there are a lot of owners with points to burn this year due to the COVID-19 Pandemic. Those who are VGF owners are staying longer, in larger accommodations, and during peak travel times.
All of that, is why as
@kboo mentioned, booking for NYE this year at VGF was like gladiatorial combat: I competed, I lost.
Hopefully I'll have better luck next time.