There are two meanings of "there's no point in ___ing":

1. If you try to do something, it's not going to work.

   There's no point in cramming the day before the test. If I don't know it by now, an extra day of studying isn't going to help.

2. If you try doing something, it will work but there won't be any benefit from it. That might be because you already have what you need, or because you'll get the same effects whether you do something or not.

   There's no point in studying for Professor Clint's exam. His tests are always so easy.

The first definition of "there's no point ___ing" can also be expressed with "It's no use ___ing." The second definition can't:

It's no use cramming the day before the test.