Using less points is kind of like killing off some upper partials, similar to using lower sampling rates. The 4-point interpolation then acts similar to the lowpass filter at the dac. And with geometric shapes, such as squares and saws that have sudden leaps, it does matter. It's those upper harmonics that make the leaps. Geometric shapes theoretically have harmonics that go on to infinity; otherwise, they wouldn't have such perfect edges. Of course, those are also the ones that get aliased . Anyhow, take a look at the attached patch. It graphs a 32-point square wave and a 512-point one onto 1024-point graphs using interpolation. 32 is obviously low, but it's meant to illustrate the point.
Personally, I don't use below 1024 points for audible oscillators. For LFOs, I would go considerably higher or just generate them on the fly.
http://www.pdpatchrepo.info/hurleur/lookuprestest.mmb.pd