Agreed, it would be pointless. At least currently the UK has a seat in the Council of Ministers, an EU Commisioner and 73 MEPs. With the Norway option, it would be little more than observer status, with the ability to make suggestions.
In about 500 years when the UK can bring itself to have another referendum, on whatever topic (Scottish Independence aside), maybe they will first identify clearly what the aim is and much more importantly how they will get there BEFORE asking the people if they should proceed.
And don't go arguing that "Leave the EU" is a clear aim. I think the last two years and that appaling withdrawal agreement, would seem to dispute that.