I think for the guest that visits on a regular basis (whether once a year, or more often) it can be worth it. You have to have realistic expectations and you need to compare your vacation style to what is available to see if it will be a good fit.
I have had two on property vacations since the reopening. I never was an early riser on vacation, so the later openings were not a big deal. I am rarely in the parks later than 5-6pm, so early closings were not a big deal. Even though I have an AP, I don’t park hop, so the lack of it wasn’t a big deal. So for me, although the experience was different due to masks and distancing, it was still definitely worth it. But if you are a person that stays out from the time the first park opens until the last one closes, and who does park hop every day, and would get bored hanging out at the resort waiting until the park transportation starts running (since they don’t start until close park opening), then it might not be worth it for you. Only you can decide if your touring style is a good fit for the reduced offerings.