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My thoughts on the current market.

Ubering for the bonus. My little hack.

Anyone else into Bank Bonus churning?
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I would suggest opening a Virginia529 account instead as it is a state tax advantaged account.
Invest outside a 529 and you will be get better results with all the flexibility you need
To your example you could make 50% in the last year (my case) compared to SP500 of 30% in the last year. Also you can use any excess to anything you want. The piece of mind you mentioned is only for people that cannot manage their financial situation well
Fidelity also has a credit card that gives 2% cash back into a 529. You could also look into that. The rewards have to go into a New Hampshire 529 so no tax benefit on that account (if you don’t live in NH). Your Virginia account could be separate.
I recently opened one through fidelity which lets me just buy an S&P fund
The Virginia529 prepaid plan was the best investment I ever made. Only investment option that will control the college cost side as well. Major drawback, though, is that it is available only for state schools. If your kid goes elsewhere, your rate of return is nominal
Don’t over think it. Maybe look into benefits of a grandparent owned account else can’t really go wrong