This is quite a good read on the subject
Points (pt): Points are traditionally used in print media (anything
that is to be printed on paper, etc.). One point is equal to 1/72 of
an inch. Points are much like pixels, in that they are fixed-size
units and cannot scale in size.
See this article from W3C
The so-called absolute units (cm, mm, in, pt and pc) mean the same in
CSS as everywhere else. A length expressed in any of these will appear
as exactly that size (within the precision of the hardware and
software). They are not recommended for use on screen, because screen
sizes vary so much. A big screen may be 60cm (24in), a small, portable
screen is maybe only 8cm. And you don't look at them from the same
distance.
The relation between the absolute units is as follows: 1in = 2.54cm =
25.4mm = 72pt = 6pc
As such on a 72 PPI (pixels per inch) display, 1 pixel=1 point, so yes on a Mac if PPI is 72, 1pt = 1px, and on a Windows machine if PPI is 96, then 1pt=1.3'px.
The 72 for mac and 96 for Windows are only defaults however, and may vary depending on available hardware and system settings.
Points are for print? Nope.
Points are not for print exclusively. Theoretically, points are for
defining an absolute measure. Pixels are not absolute, since depending
on your screen and chosen definition (not resolution), the resolution
(pixels per inch) can go from a lot (150dpi) or very little (75dpi).
Which means your pixels can be a size, or maybe half that size. Which
means that text you design to be perfectly legible on your screen may
look too big on your client’s screen (“please make the text smaller,
ok?”) or too small to be readable on your neighbor’s screen (“hey, the
website you told me about the other day? the one you said you had
worked on… well i couldn’t read the text very well, it’s so small”).
Points are a solution to this issue. But browsers and operating
systems need to manage those. Basically, it means:
browsers have to calculate the display size in pixels using the given
value (say, 10pt) and the screen’s real resolution; operating systems
have to communicate the real current resolution, and not a default
value.
Also, take a look at this question, and this article