When You have but one last log left in Your yard and don't plan on getting a new load soon, then cookie cutting allows much more bucking cuts and gives more "life" out of the remaining log.
Also, showing the performance of a saw or chain is much more convenient when cutting cookies as one doesn't move away from the camera as one would bucking to firewood length.
I burn the cookies and I collect the wood chips for animal bedding.
Right now I am down to one jumbo bag of wood chips and even that one wouldn't exist if I hadn't hauled additional wood chips from bucking jobs other than my own.
If getting a nice sized log is an issue, cut Your cookies as thin as possible to preserve the log You have.
If getting logs is not an issue cut Your cookies 1/3" thin and upwards.
If You want to utilize Your cookies for anything else than firewood and kindling cut them over 1" thick, stack them one atop another somewhere cold and cover them with a tarp or wood chips to additionally slow down the drying process.