When I tested it in v114. Sneak lowered the enemy sight radius slightly with each point. It wasn't really a lot, something like 4.5 to 5m extra difference between Sneak 0 and Sneak 5.
I haven't done tests with this version, but I'm not sure they've changed it yet. I didn't notice any big bonus with Sneak 5 like "chance to remain undetected when attacking from Sneak."
I recall hearing that this is something which they'll work on.
Hmm yeah it would be nice if each point slightly reduced the line of sight from enamies and also gave you a higher % chance to stay in sneak when you attack.
However as it currently stands I don't think its worth the points then. There is enough items that will boost your sneak that I think the points could be better spent elsewhere for now anyways.
Thanks for the update.