There are many ways to do this, but I think the method I am showing is very clear and simple. I believe you could do the same using Python and BPY.

Keep in mind that Blender still does not import or display Point Cloud properly, you need a special addons*

Point cloud PLY came into Blender without Vertex Color or Vertex Normal data. But depending on the data, if you open it on Meshlab and export it out as ASCII, you might be able to process it further to get the look you expect.

NOTE:
The processing did glitch up during this video, the reason being Blender 2.80 ”force displacement to export Alembic” does not quite work as I usually did on Blender 2.79. It might be SV node or the way Blender 2.80 handles data that’s being modifier with SV is different. It works with Blender 2.79 for now.