Welcome to CC
While there are many schools that will be test optional for admissions, you must check with the individual school regarding merit awards. Each school will tell you their specific policy regarding the eligibility requirements for merit money. There are schools that are moving from a merit model to a merit in need or need based financial aid (read the financial aid/scholarship pages carefully as things are constantly changing)
Your son’s situation is not unusual or unique as there are going to be plenty students who will need to take the SAT within the next few months. In NYC, with the exception of D75 students, no one is going to school full time; it will either be blended learning or 100% remote.
If money if a factor, then you have to really make sure that your child has some financially feasible options on the list. This may mean exploring options in the SUNy system, including STEM scholarships (covers tuition, student must be in the top 10% of the class, committed to working STEM in NYS 5 years post grad).
Depending on his rank he may be eligible for a NYS academic excellence scholarship
https://www.hesc.ny.gov/pay-for-college/financial-aid/types-of-financial-aid/nys-grants-scholarships-awards/nys-scholarships-for-academic-excellence.html#:~:text=Award%20Amount,New%20York%20State%20high%20schools
Good luck to you and your family.