That's a REALLY tough question and you're the only one who can weigh the pros and cons. Yes, it's worth it, but $200 is a lot of money.
I wasn't interested in going for years and years --- just couldn't see spending extra $$$ when I could see MK with a regular admission ticket. Then I starting hearing more about it and we went 5 years ago. Since we're at Disney 1-2x /year, our purpose wasn't to enjoy the rides. We wandered around and enjoyed the 'magic' and soaked up the atmosphere. It really put us in the holiday spirit.
We got there early and found they were letting people in early. If you're at CP, that's an advantage. The first hour wasn't too busy, but it got more crowded the next couple hours. (Fridays and the days right before Christmas are supposed to be the most crowded) We did do some rides, saw several good shows that weren't being held in the day time until it got closer to Christmas --- you might be able to see them---, wished we'd made more of an effort to find a holiday sweatshirt or something else to make us look more festive, and thoroughly enjoyed the parade and fireworks. The fireworks were MUCH better than the regular fireworks, but since there's the new 'Wishes', this might not be the case this year.
We did rides during the 1st parade and the park really cleared out after the fireworks. The 2nd parade and the last 2 hours were much less crowded. If you have very little kids, it might be wasted on them, unless they can get a good nap and do OK staying up late. We saw many, many toddlers sleeping in strollers.
It's kind of hard to imagine how special it feels until you experience it. If you and your family really love Christmas, you'll probably appreciate the magic of
MVMCP. Perhaps your family can discuss it and decide if it sounds like so much fun that they're willing to spend less on some other meals and souvenirs. Or, that you'll plan to do it another year. Either way, hope you have a great trip!