In my experience the term target point and field point are used interchangably. Both refer to an arrow head without any sort of cutting blades used strictly for target shooting.

What I think you are referring to might be the Saunders Combo Points


IMHO they do nothing different than a standard parabolic target point does.

I don't see any difference in penetration, target wear or arrow flight using any of the various target or field point configurations.

One thing that I have noticed, the Saunders Combo Points, with their narrow taper at the front seem to make it easier to robbin hood arrows, where a more parabolic type point tends to mess up the nock but will deflect more often, leaving the arrow shaft undamaged.