So you say cd M-. M-backspace M-backspace instead of cd M-.. Four keystrokes is still an improvement over shift-1 shift-4 shift-; h, which is five, plus you get to see where you're going to go before you get there.
In comparison. !$:h understands its task at a higher level. And thanks to key rollover, typing different characters, like !$:h, is quicker than tapping away at . until visual feedback, which may lag, tells me I've done enough.