If your intent is to display letters that are X inches high, then points correctly display textual content on all devices that:
* Know how large their display is
* Know the display's DPI
* Can correctly communicate this information to the underlying windowing system and applications
(Note that it is highly unlikely that any high-end "mobile" device fails to perform any of the items in the bulleted list.)
The designer wanted letters that were five inches high. It's not the designer's fault that your screen is too small. :)
Do you disagree that it is important to have a display-density-independent method of specifying the physical size of text or (for that matter) an image?