One workaround I've found for this has been making the point itself a 1 pt simple marker that is colored to blend in with the map, then adding a very large mask to create the dashed outline. The mask has a No Color fill and is edited to make the outline into a hash line symbol or marker line symbol to get the desired dashed/dotted circle. While this might be more complicated than just making an image of a dashed circle with a transparent background to use as a picture marker, it does scale so that the distance between dashes/dots is consistent at different sizes, if that's something you need.
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