The points can be used for any other Disney Collection Reservation that will occur during the same UY in which the cancelled reservation was to take place. The returned points can't be banked.
The Rule of Four guideline is that you cannot book and travel on the Disney Collection (excluding hotels at
Disneyland Resort in California and Tokyo Disney Resort) and Concierge Collection vacations within the last 4 months of your Use Year.
However, you can travel in the last 4 months of your Use Year as long as you've booked your stay more than 4 months before the end of your Use Year.