This simply doesn’t apply if the DAI isn’t used to buy ETH. There is no extra exposure from using a CDP.
I agree that you don’t get extra exposure from opening up a CDP, but you still have exposure to the price of ETH in USD. If the value of ETH (in USD) increases then you profit, if it goes down, then you lose (potentially more than the value decreases if the CDP is liquidated and you pay a liquidation fee of 13%).
If instead you turn any ETH received immediately into DAI (or as soon as is practical) then you have no exposure to the price of ETH in USD.
So, IMO, it really comes down to whether EM wants to maintain exposure to the value of ETH in USD or not. If it wants to maintain exposure then using a CDP is a reasonable option (although so would only converting ETH into USD at the point it is needed and / or retaining some portion of the treasury in ETH, and some in DAI).
If EM doesn’t want any exposure to the value of ETH in USD then it should not hold ETH, and instead hold USD (or DAI).
It is a reasonable view for an organisation like EM to want to maintain exposure (given its place in the ecosystem) but if you want to be able to plan longer term in a very prudent fashion it should convert at least ~6 months operating costs into DAI so that if the price of ETH plummets it can still operate for this time.
I came in to this conversation a bit late, so if the above decision (that EM wants to retain exposure to ETH/USD) has already taken place I wasn’t aware.
Possibly an analogy would be:
suppose you own a house, and you want to start a business that is going to cost $100,000. You could either sell the house for $150,000 (convert ETH => USD) and use that as operating capital (leaving you with no exposure to the housing market), or take out a mortgage against your house for $100,000 (CDP) and use that (leaving you exposed to the housing market). The more prudent approach (in a volatile housing market) is the former, but if you’re an expert on housing and convinced the price is going to increase, the better approach is the latter.
by analogy selling 66% of your house for $100,000 would be a compromise leaving you some exposure to house prices, but also guaranteeing you your first year of operating capital regardless of what the housing market does.
NB - I should add that I love makerDAO and the concept of CDPs - just not sure it makes sense in this context