For starters, I want to say I found the portrayal of women in Point Break to be a lot better than in other action movies! That said, the bar is the floor.
Plot is: an undercover FBI agent Johnny is trying to bust a crime ring inside the surfer culture of california.
The female lead of the movie Tyler is manipulated by the main character Johnny to get inside surf culture. He lies to her that his parents are dead because he knows her parents are dead.
However, Tyler's agency is powerful on screen. She is sexualized very little (compared to other movies, there are scenes where it's happening obv), and when she is, she's clearly uncomfortable with it. Also when she finds out he lied to her she shoots at the pillow near him with a gun to freak him out. Most scenes with Tyler she is wearing athletic clothes, people treat her as an equal when she plays flag football with them on the beach, and in scenes where she is naked her breasts are not showing. The sex scene is purely implication and there is only kissing. When guys are talking about how they want to do increasingly dangerous and life-threatening surfs, Tyler walks away saying "There's too much testosterone here". She is characterized as both spiritual and intelligent.
Bad scene: Tyler is held hostage tied up in a nightgown. It's nice they put her in a nightgown instead of just a bra like in other movies, though. Yes the bar is maybe even under the floor.
Bad scene with female characters who are not the lead: during a house raid, there are women in the shower. Naked women are traumatized by the combination of the raid and their presumably boyfriends/partners having guns. The shower door for example gets shot and breaks with her still in there which I feel like was sort of unnecessary. The naked woman is a skilled fighter though, she doesn't act weakly, and her rage and her fighting is actually a compelling part of the raid scene.
Final rundown: Tyler is a compelling character but ultimately still serves only as an accessory to men, whether it be teaching a man how to surf, being seen as someone who can be possessed by the men of the surf culture, or by being held hostage. Also the romance comes secondary to the main plot which is ultimately man-to-man. It does not pass the bechdel test of course. Still I am pleased that no sexual assaults are shown onscreen, despite violence occuring around naked/vulnerable women in the raid scene. I also find that Tyler's contribution is more emotional than visually ornamental, which is still female labor for a male character, but a lot of times in action movies the female character only serves as eye candy, and Tyler doesn't.
Better than some movies, honestly better portrayal of women than a lot of media from the last ten years, but still not great by any means.