Yes, you can use the Chase UR points for cash back at .01 each, worst case. The points are exactly the same as Freedom points and, in fact, you can (and should) transfer points between the two cards.
Having the UR points on one of the premium cards gives you access to the travel portal and transfer potential to a partner (United, IHG, etc.)
You use the Chase portal to buy airline tickets. In that case, you get a bonus. For example, spend 50k UR points for a ticket worth $750 (with the 50% bonus).
If you find a great deal with X airline, you'd need to find the same deal on the Chase portal.
The points won't expire as long as you have the card and charge something on it occasionally. If you don't want to pay the CSR annual fee any more, transfer the UR points to the Freedom. You can then use them at .01 cash back or store them until you get another premium card (CSR, CSP, Ink+).
Finally, it might be better, as someone mentioned above, to transfer to an airline. For example, we got $450 tickets this past December for 25k United miles.
Eta: Apparently Freedom does have access to the Chase travel portal but without a 1.2/1.5 bonus.
albijaji: Most airlines set out schedules ~330-350 days out. You should check back in a week or two.