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Yes, point flights do qualify for compensation if the situation warrants / requires it.
A 3.5 delay due to weather won’t justify compensation as it is outside of the airline’s control but if there were other reasons for the delay that can trigger protections that do provide for compensation.
You can request from the airline the official reason for the delay or you can just file for compensation under EU261 protections if you arrived more than 3 hours late.
https://europa.eu/youreurope/citizens/travel/passenger-rights/air/index_en.htm#delay
europa.eu
Air passenger rights - Your Europe
Travellers' rights - flight delays, cancellations and overbooking (passengers unable to fly on flight they booked)