Absolutely true. The Elo-like system would in theory be fine, but probably hard to implement in a fair way (just look at the never-ending discussions about FIS points in cross-country skiing), so better not offer any points at all for continental championships. It'd honestly be laughable to get as many points for being the slowest competitive team in the Oceanian championships (you know, finishing 2nd) as you'd get for say beating France, Germany, Poland and Great Britain...but not the Netherlands (or any random combination of those teams), which is obviously a way better result in reality.