Maybe.
If SW cancels your flight you can ask for a refund. Note that if you purchased EBCI, that can be refunded as well, but you will have to ask for that separately, and generally the agent you speak with will not be able to process the EBCI refund themselves, but will have to request that refund from another team that can do that.
If you cancel the flight, you will receive travel funds for the amount of the flight. SW started on 4/16 that they will soon provide the ability for you to convert those travel funds to Rapid Rewards Points. That capability does not yet exist. It is unclear as to what the conversion rate will be. It's possible that in converting to points, you'll lose some value. We just don't know yet.
Points never expire and they can be used to book travel for anyone - unlike Travel Funds which can only be used by the individual who was booked on the original flight. So Points are inherently more flexible and useful. It may be an acceptable trade off to lose a small amount of value, but gain a more flexible product. But again, we don't yet know what the actual exchange rate will be, so I'd not want to make a definitive declaration that you should always go for points.
Steve