Should I report my 1470 SAT to UChicago or apply test optional?

Since your 1470 is at the 25% percentile of their 1470/1570 ranges with a 1518 average, I don't think it will hurt you to submit the score, nor do I think that score will nudge you above other people who are not reporting a score.

UChicago has been test-optional for many years so the way I view their middle 50% scores is different than other elite schools that are only doing test-optional this cycle because of COVID-19. When Yale or Duke reports their middle 50% it's more accurate because SAT/ACTs are required so their range is a super-strong indicator. However, since UChicago and Bowdoin and Smith are test-optional, I think historically only applicants that have good scores opt to submit them. I feel historically test-optional schools have SAT/ACT score inflation because only say 2/3rd of the admitted class are revealing their scores. I'm confident that if the same schools required test scores and made everyone submit scores, the range would drop down to like 1420-1530 at UChicago or 32-35 on the SAT something like that.

https://www.chicagomaroon.com/article/2020/4/4/acceptance-rate-class-2024-remains-constant-6-2/

Keep in mind that other CV posters strongly feel that you should only submit if you are at 50% or better.

So good luck with whatever you decide, you are in good shape either way.

Given you are within the middle 50th percentile for UChicago, it can only help to submit. If you feel like you can get a better score, you can call the admissions office and ask them if they will accept scores from the November SAT.