The effectiveness of any point depends mainly on the power behind the arrow, spear, or dart. If you throw a sharpened wooden stick with enough force, it will kill an elephant.
Large game have very tough hides and large bones. If we are talking about using an atlatl and heavy darts against a mule deer, then yes, bone and wood are effective materials for points. If we are talking about light arrows being shot with a 40lb bow against a moose, then no, bone and wood are not very effective. Common sense prevails.
The way I like to think about this question, which comes up a LOT, is to imagine what type of archery setup you would use against a cow. More specifically, a bull with horns that is enclosed in an arena with you standing in the middle.