But, but, I'm like Smaug of URs.
I do totally see your point about transferring URs, and as long as I have a CP then I can get 2.4c per UR by redeeming with SW. I've been doing pretty well with transferring to Hyatt too. But sometimes booking through Chase travel at 1.5x is better than transferring URs (I'm looking at you, United) so I want to keep a decent stash of URs at the ready.
So I am viewing at it as paying 1.57 cpp and getting 2.4 cpp out (bc of CP, with the caveat being that I need a new CP for 2022-2023). I gotta say, the change window is amazing and that stretches the cpp of each RR even further, for however long it lasts. I love being able to speculatively book with RRs knowing that I'll get all the RRs back if I cancel with no expiration. It's hard to put a concrete dollar value on that flexibility, but I am willing to pay something for it.