If you have Platinum Passes then I see no reason to stay at Cedar Point. If you don't, then stay on property because Early Entry is amazing. Without that by the time you get in the park you'll already be dealing with long lines for most of the major attractions. With Early Entry it's possible to knock out some of the best rides in the park with minimal wait times.
We really need a little more information though. Are you looking to splurge? Are you looking to do this on a budget? Are you looking to do the beach or Cedar Point shores? Are you looking to take breaks in the middle of the day and go back to the room / pool? There are a lot of things to consider here.
Probably won't have a pass, looking to go 3rd or 4 th week of June for a long weekend Wednesday to Sunday. Splurge is a relative term I think, but the options that I mentioned are all doable. We like to stay deluxe at WDW for the location, so that's why I thought staying on point where we could walk to the parks and hotel freely would be a benefit.
The other factor is space. With 3 kids 13,9,and 6 we need some room to spread out. Most likes won't do beach other than maybe walking on it, but would do the water park spending 4 days there.
Thanks.