I was worried about this so I crafted all my cookies on the very last day and then opened all my presents. At first I was just gonna bake and deliver and keep the presents in my inventory but I wasn't sure nor did I want to risk them being taken away after the event. It took so long to bake all those cookies as you have to literally make them one by one. So damn ridiculous and intentionally done by Bungie for metrics. It seriously took me 2hrs to bake all my ingredients and 1 by 1 travel to different planets to deliver cookies. Sorry but the holiday cookie baking and delivery system is highly flawed and a waste of time. I completed all the objectives except the PvP snowball fights. I played that twice and couldn't be bothered. Nothing like getting Xim/Chronus or whatever else in the cheat department with damn snowballs. Also I was highly disappointed with what I opened via presents. Lots of trash rolls.