My answer comes down to whether the Twins actually intend to compete in 2022. If they don't sign or trade for at least three starters better than Bundy, then I wouldn't bother signing Simmons. Just let Gordon play there. Or Palacios. Don't really care, since we won't be winning games anyway.
If the Twins signed Rodon, and traded for, say Manea, then sure, I'd bring back Simmons for 5m since the Twins are not going to overpay for Story.
I think he's a good bounceback candidate, and he still gives you great defense at short. He never had elite speed or range. His great defense is predicated on that arm, and instincts, which don't go away. He's not nearly as bad with the stick as he was in 2021.