In most cases they can be used interchangeably. And 优点 and 缺点 are used in pairs as acronyms and so are 好处 and 坏处 .
The former are more formal, because they have “点” which means bullet points (you only use bullet points when you write formal emails right:))
The latter 好处 and 坏处 are more causal. And actually they literally mean "benefits" and "dis-benefits" . In some cases , you can only use "好处“ not "优点". e.g. 你要给他点好处，他才会帮你。（You need to give him some benefits, then he will help you). Here, you can't use "优点".