So while this does release resources that Germany can use elsewhere – it does free up an incalculable amount of resources on the Allies side through less of a need for their own Modern Fast Battleships and reduced potential disruption to trade
Whilst it might on balance be a better trade-off for the Allies in absolute terms, it's important to remember that the Germans were working with a much reduced resource pool. They couldn't afford the comfort of investing large amounts of lives and resources in a doomed strategy in the hope that it would cost the Allies more.