Yes correct, unless you're staying with hotels for at least 20 nights per year, the loyalty points and the loyalty benefits are pretty meaningless. I'd rather get the cash discounts on Hotels.com. You can stack various discounts as well. In this example, you're already getting the gift card at 20% off. Hotels.com also has a rewards program and after booking 10 nights, you get 1 free night for the average cost of your 10 paid nights.
And 90% of the time, Hotels.com has the same low price that all the other discount booking sites have. And if not, they have a best price guarantee.