For more information about how the PSMDB hotbackup works, it was added to PSMDB from the WiredTiger original hot backup.
This is the best method for true PIT recovery for MongoDB Community and PSMDB.
The most popular backup method we see for MongoDB is mongodump with oplog. A second option is snapshotting. We have not-yet-supported tool in our Percona lab for MongoDB consistent backups that may help automate this process if you are interested.