You got a good point there usually means when you're discussing something and a person tells you something right something that makes you realize oh wait... he actually has a point / a valid point of discussion.
For example:
Boy #1: Don't worry, I'll just climb the fence and get the ball.
Boy #2: If you want to get attacked by the house dog, then be my guest
Boy #1: Oh right, that's a good point :)
So to answer your question yes it does.