It can stabilize the barrel, and it changs its vibration characteristic. For a given load, the rifle may or may not prefer a pressure point, you have to do a trial to establish what works. My feeling is that pressure points were often provided in wooden stocks to compensate for any bedding flaws around the receiver (Remember, manufacturers like to keep costs down, and having someone spending lots of time fiddling with bedding is expensive.)
FWIW - My experience is that a rifle that is well bedded at the receiver (ie proper glass bedding job) and freefloated wil outshoot its equivalent with a pressure point.
