Yeah, you can use less than 4 points, but it will not usually give very good results.
I was used to seeing the waveform change, as I adjusted envelopes, before I started with Reaper. The top part Audacity shows does not really mean anything, though. It is not like you can change the top and not the bottom. It might make more sense in terms of automating plugins. The envelopes are still basically the same, but all the way up is active and all the away down is bypass, or the other way around? In that case it is more like a square wave.
With three points, the volume will decrease from point 1 to 2, then increase from point 2 to 3.
That minimal style can be useful for a single peak, but not really for a section with any listenable duration.
In order to lower peaks on the negative excursion only, you can envelope each peak tightly with a three-pointer, in order to get the asymmetrical envelope you seek
That would be unfeasible at length without automation, though.
Glad it worked for ya chiefscribe!!!
note that my example is made using a generated noise section as the audio program, which is far less interesting than music, both to look at and to hear