I just called today to cancel a Villas Grand Californian reservation over Labor Day Weekend since between the latest Covid19 announcements, the fact that there is no definite reopening date and the lodges at Yosemite have been canceling peoples reservations with less than 24 hours notice, I've finally reached my level of too much uncertainty.
I was told points would NOT be unborrowed, as despite
Disneyland's latest announcement the latest word Member Services has had is that the Grand Californian will reopen July 23rd, and that the unborrowing policy only applies if resorts are still closed.
To be fair, the cast member did not seem to be the most experienced, so I may try again later to see if I get a different answer.