Nope that’s not the case - transferring them to an airline means you’re locked into them (if you can actually use them) and they can expire. Hotels not worth it for me.Imo there's been a couple good Amex offers recently, nothing ground breaking but financially beneficial as been discussed up thread.
@Comoman clearly there's many uses for 3M+ points, maybe you just wanted to drop you have that many.
Unnecessary comment IMO but whatever……