I suspect that grid-scale electrolysis is near the very bottom of the economies-of-scale-S-curve and will have a promising future not just in power2gas2power, but also in producing the green hydrogen inputs needed for synthetic hydrocarbon fuels for hard-to-electrify applications like aviation.
I in fact used to be somewhat optimistic about hydrogen as a long term storage mechanism for our excess renewables, until I saw models like these from NREL. Now I am extremely skeptical of any hydrogen from electrolysis unless it's from something like solar+storage facilities. (Which are actually being proposed now, which is very exciting!)