Yep. Only makes sense to overpay for FAs when they're the last piece to the puzzle.
While cap room will decline in value as the cap rises the next few years, it's still a valuable asset.
And you can also use it to extend your own young players, rolling in some UFA years with their RFA years, so you can get them at a discount out to 32 or so (the problem with the Sanheim deal is they delayed, so it goes to 34).At that point, if a player is still good, they're cheaper to extend b/c the market for 33 year old players tends to be soft.