"What time is it now?"
Yes, there are often sound elements as Kanji are adapted Chinese characters. Interestingly, in other Chinese languages than Mandarin and in completely unrelated languages as Vietnamese and Zhuang very often whole characters are used only by their pronunciation, completely unrelated to their original meaning.
By itself, it means "clock".
点钟 can mean "o'clock", for example 四点钟 is 4 o'clock. 几点钟 means "what time". In both these cases, you can usually drop 钟 and the meaning is still the same. So 现在几点钟 and 现在几点 both mean "What time is it now". The latter is just a little bit less formal.
They're generally interchangeable, with 几点 being maybe just slightly less formal than 几点钟. Other than that, the only context that comes to my mind where "几点钟" might be preferred over "几点" is an extremely contrived one, where "点" may also be used as a classifier for ideas and it's ambiguous whether "几点" means "what time" or "how many ideas".