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PT mostly tells you how old the horse will be (if snipped) when their training levels off. You generally want them to be higher up in their show class (getting higher up in the rankings each result, like 5th or better out of 20, for instance).
Show horses do well if their training maxes out toward the top of whatever show class they're in. Breeding horses don't need a good PT score, because they'll do less well for shows when they're intact anyway.

In my experience, second gen foals seem to level out at a good show place and accumulating points each season. Above that, the 11-14 PT horses statistically end up with a lot of points and at a high level just because once they get up to Grand Prix level they're always going to earn well.
Your best bet is to get a lot of show horses, check them at 10 and at 15, and sort out any that did less well than expected.
For instance, some of us will auction anyone that gets to 10 years old without 500 points. Or, if they are earning less than a certain number of points a year plus being below threshold. With experience you'll be able to filter them out and end up with a lot of good show horses.
Plus, occasionally people will give away horses that are at risk of aging out but that have a huge number of points. It's always worth it to get a few at those times. You may lose one at rollover, but you'll have at least one that gets you a lot of hbs for the next month. I've had a few that I got at 19 and have had them to to 25-26, still accumulating points at each show, and end up with 2-3k points.

Thank you for the explanations silverborn and Lallyhop, its much appreciated :)