My goal is always 2 cents a point or better. Easy with Hyatt. It's a struggle with Hilton but manage to get there or darn close. I did the switch to Rakuten for MR too. Although I am not especially loyal to it. Sometimes, I will check cash back monitor to see which portal has the option on a given day. Or, if I am trying to accumulate for a specific reason like AA miles to get or maintain status, that will take priority.
For some years I was wavering on cash back vs points if it was 10% or better on Disney gift cards and then buying the rest of my DGCs at 5x with an Ink, Freedom or whatever. That strategy always saved me about $1,000 in DVC dues an earned 50K-60K in URs each year. This last time, I did things differently. Instead, we picked up two CIUs at 90K each, referral bonus for both at 40K each and then used the MSR on each to pay the dues. This netted me over 270K URs. That is infinitely better than what I was doing before. Also less work lol