you can change the unit for the letter height. The default is “unit”, with 1 unit being the height of your screen. This also relates to the position coordinates: (0, 0) is exactly in the middle of the screen. So 0.07 is slighlty less than 1/10 of your screen size. You can change the unit to cm or pixel if you want.
Answering more as a typography nerd than as a PsychoPy dev here…
“point” units in typography usually go off the Caxton scale I believe, so you can figure out the equivalent in PsychoPy by setting your units to “cm” and using the corresponding values from the left side of this handy ruler which I definitely didn’t spend my real life money buying just because I think it’s cool: