Correct, most beach cats sold today do not have reef points.
Apprently, older Hobie 16 sails used to have reef points.
I noticed my boss' new Hobie Wave sail actually is reefable - it is boomless, so the design is quite interesting. It has a zipper that connects the top ~3/4 of the sail to the bottom ~1/4 of the sail. Above the zipper are two eyes, one for luff/downhaul attach and one for leech/mainsheet attach. When zipped together as the full sail, there is also a webbing strap at leach & at luff that takes up most of the stress at those points, I think it actually goes up through the eyes & back down to a buckle. It did not seem to be easy to reef on the water, it looked a lot easier to rig on the beach before sailing.