I've used my DSLR for timelapse and it works great in certain cases where my point and shoot doesn't. If your shots are in low light the images generated by the smaller sensors in a point and shoot will look really bad compared to a DSLR. Lenses and overall image quality are other considerations. I've only used my DSLR for timelapse a few times and the last time was because I already was capturing a different sequence with my point and shoot camera.
You need to know the downside of using a DLSR though and the only one I know of is shutter life. Most people never get close to the shutter activations their DSLR is rated at so the cost is likely free. Mine is rated at 100K and I have about 50K on it after many years. If you do think you will need to replace the shutter you can find out how expensive the shutter is (mine is $300) and figure out how much a timelapse sequence is costing. If I did a 1000 image sequence that would cost about $3 worth of shutter. I can live with that.
You can get nicer cameras that have an external trigger option and don't have a shutter. That's what I'd probably do if I wanted a nice camera for just timelapse, but my current cameras work good enough for me.