Cahaba offers some good points here. I shoot with (I think!) split vision; I judge the distance, but put no numerical yardage to it... aim (align) with the shaft (mostly the back half or so) to ensure my eye is directly over the arrow, and let my instinct adjust the elevation.
I do not see the point at all-if I look at it, it messes up my shot; and I don't aim at a secondary point.
Aim at what you want to hit, be aware of the arrow's alignment, and your instinct will adjust for the shot.