Well if you are not going to use your points anyway, to save for Aulani or WDW, it makes sense. But even in your instance, you are paying $150 more per night out of pocket than if you used your points. And you did not get the benefit of staying in a Disney Resort on property. But as you pointed out, it depends on how one values the use of their points.
It's really just opportunity cost, right? I have a finite amount of points to spend per year and have to make value decisions as the best way to spend those points. I could stay at VDH, but by the time you have the high
point charts added on to the TAT, when I compare to other options, it just doesn't work as well for us. I know that Aulani has a TAT as well, however, the TAT cost at Aulani for a 7-night stay in a two bedroom is about the same as a 4 night studio stay in Anaheim, and if I can get into VGC (a big if) or I use points at WDW, VB, or HHI, I don't pay the TAT at all.
For us, we'd rather spend $800 out of pocket for a 4-night stay, get free breakfast, and have a 12 minute walk (or 5 minute Uber) to the park. However, that is just what works for us. We don't find the same need to be onsite at DL as WDW, and find the delta between the DL Hotels and offsite options just way too different for hotels that are all walkable to the parks. I can't really get to a park in 12 minutes from say the Drury down from Disney Springs. It's a completely different experience.
Also, I think that our last few trips (we get to CA about once every 3 years), we've stayed at the Homewood Suites, and then this past trip at the Element Anaheim. Both were great and came with a nearly full kitchen. I could walk from both hotels to the parks pretty easily. In fact, at the Homewood, you could just walk into the Toy Story lot and use the shuttle from there.
DL and WDW are just 2 different animals, and I agree with
@ocdb8r1 above. I'll take Harbor any day over 192 and I-drive...
However, we are all different, so it doesn't mean that anyone is wrong. For those that love VDH, etc. I am all with you. I think that it looks great (except for the bedside tables that don't look like they'd hold the CPAP machines, but I digress), and could we try it? Maybe, but it won't be the first use of my points. If I want to take a trip out west and say visit both DL and Aulani, I would personally value my points more at Aulani and pay cash somewhere around DL than vice-versa.