I have known several fighters who were able to bridge the gap from point reat success in full contact. Guys like Joe Lewis, Jeff Smith, Bill Wallace, and Benny Urquidez all made a very successful transition from a successful competitive career as a point fighter to a full contact fighter. I have known others who were able to cross back and forth at will. Guys like Alvin Prouder, Sammy Montgomery and Ray McCallum were top ranked contenders or champions at both simultaneously. (A few had notable careers in fighting in the parking lots after their matches as well, but I won't go any further on that one,,,)
IMO, point fighting is a very good drill for developing the ability in kids and beginners to target their techniques to the openings and avoid the "rock 'em-sock 'em robot" approach that many will otherwise engage in. Even for more advanced practioners, it is a good drill for learning how to bridge the gap, hit and clear without being hit. This is great for working on your probing strikes as well as breaking timing, angles of attack, ect. The problem is when people put TOO much of an emphasis on point sparring or build their fighting/training habits at being good at the game.
If all you do is "practice missing people", then that is what you will be good at. Also, adrenal stress will more than likely make this situation worst rather than magically correct it for you. In a real fight there is rarely a "break" when someone is scored on (shot is landed), it usually means the fight is really on. Many who mainly focus on point sparring forget this and will either depend on this to protect them or not capitalize on the oppurtunity because they have trained that way. Remember the way you train is the way you react. Also, many who rely on point sparring for all their sparring needs will often rely on techniques and strategies that will actually put them at greater risk in a real life situation. They develop habits like turning their backs to avoid being scored on, training to hit with their toes on round kicks for more reach (and wondering why they broke the toes or tarsal bones in their foot on hard contact... and worst why their opponent didn't stop fighting after they hurt their foot), Expecting the overhand back knuckle to the skull to hurt their opponent/attacker than it hurt their hand, ect.
IMO, point sparring can be a good tool to overcome some challenges a student will often have in the early phases of their training ad can even be a useful drill for more advanced fighters if not over used. It can easily become a problem though when it is overdone or the majority of ones sparring is geared and adapted to being good at this particular game. Point sparring can be a good training drill, so can forms and so can one-steps. As drills and supplemental training, they can all be valuable tools in your training arsenal if used properly. The main problem with ANY of these is not the value of when they are done right. It's the volume of how many people use them in the wrong way that actually can be either a time buster or worst, create bad, unrealistic habits and expectations that a student would have been better off without in the first place. This is not really the failure of the drill, but more a failure of the instructor to teach it properly and in the proper context.