The point presser side is designed so seam allowances that will eventually be encased and pressed together (like those on collars, cuffs, pockets, waistbands, facings and more) can first be pressed open and flat so there's no need to struggle aligning the edges when turned.
The pounding block side is primarily for adding pressure to achieve flat edges without adding excessive heat.
First, steam over the area without touching the iron plate to the fabric and then press with the wooden block to seal in the steam with no risk of scorching the fabric.