Just did a quick comparison, in short offer is not that great. I would say does not make any sense. *Depending on what you are trying to accomplish the offer may or may not make sense to you. If looking to save upfront on package price there are better options, however if you are looking to prepay for a portion of your food then this will most likely save you some cash over the course of your trip depending on your situation and what offers are available to you* Here is just a quick comparison I did of three of the current offers:
Time: December 10-16
Resort: All Star Movies Standard Room
Tickets: 5day standard tickets
*Family: 2 Adults 2 children Ages 3 and 7*
25% Room discount - $3859.76
Free dining card offer came to - $4146.68 (plus $360 in gift cards $60*6nights)
Disney+ 35% room discount *(All Star qualifies for 25% according to this table
https://disneyworld.disney.go.com/special-offers/disney-plus-fall-holiday-2023-room-offer/)* - $3788.00
So staying at a value resort the free dining card costs $286.92 more than your stay with the *standard* 25% off offer.
One could say you will save $73.08 in the long term booking with the free gift card if you apply its full value to food during your trip. But you will pay more on the up front price of tickets and room.
HOWEVER if you utilize the Disney+ 35% off offer the price is $3788.00. A difference of $358.68 compared to the gift card offer. Even if you utilized the gift card for just food over the course of your trip you would only "save" $1.32.
Depending on your dining plan and style the 35% discount seems to be the best deal or equal to the gift card offer. *More of a choice of is it better to have the card or would you rather have the cash*
EDIT - * indicates updates, more information on the changes based on comments and conversation below.