The common phrase point in time could usually be shortened to just point or time. If neither of those words sounds right, there are other alternatives such as moment, second, and instant, which get across that we are talking about time.
Point in time is sometimes useful, though. It may indicate that point refers to time instead of space—though context usually fills in the blank. And when it comes to point in time (and similarly with point in space), one can bypass this issue by removing point in and keeping time.
Examples
In each of these sentences, point in time could be shortened to either point or time:
At one point in time, he would have desperately attempted to take majority control of the company and its sporting properties. [Toronto Sun]
At this point in time, Christo has not begun to imagine embarking on a project that Jeanne-Claude didn’t help conceive. [Wall Street Journal]
At the other end of the table, the stats suggest (at this point in time anyway), that West Brom, Wigan and Birmingham will go down. [Independent]