It appears that when time stretching a set of events, the composite envelope points don't stretch with the events even when lock envelope to events is on.
Is there a way to do have the envelope points move with the events when time stretching?
Well yes, but there's an option to tie envelope points to events so if the event is moved the points go with it. I'm asking why that doesn't work with time stretch. It's the same problem and is needed for the same reasons.
I agree it would be nice to have, but I can understand why it doesn't currently work that way. With the ability to have different timebases within a project (i.e. clips with various frame rates) and the ability to keyframe based on either tracks or events, it's probably was a versions-old programming decision based on what the "master" time base is for a project.
If you move a clip, envelope keyframes move within the same global time base. If you want keyframes to adjust to any sort of clip-based time change you're asking for a temporal interpolation of the associated keyframes within the project's timebase, which probably can't happen with the way keyframing was implemented. People have complained about exactly the opposite too - why applying a velocity envelope to a clip doesn't maintain the original start/end points. I don't think it can.