When Placing Points, there is no place to specify a "default" active feature and due to this, the Use Active Feature toggle is ignored. When creating points the workflow should follow figure workflows.
Then, when it comes to annotation, there needs to be more exposure to the point properties, such as its name, feature definition, description, feature description. In testing I needed to use the Cell.Origin property to label its northing and easting but saw no way to access these other properties. It seems even the Point Name is not an official item available as a text favorite, but does appear to be the default property which is the only reason I was able to annotate it with its name.