Font Size equals Points?

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I am reading the documentation from IEEE Conference Template, and in the 'Tables and Figures' paragraph it notes: "Figure Labels: Use 8 point Times New Roman for Figure labels."

My question is this. 8 points equals to font-size = 8? Because when I do that (via matplotlib font size), the labels cannot be read without intense zoom. Is there another ration between points and font-size?

Thank you in advance!

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