Pass/Fail is normally used to describe tests which result only in a Pass or Fail score. Not a numeric score. Yes, USMA only indicates "At Risk / Not at Risk" to the candidate, but it's still a numeric score which is part of your WCS.
So the CFA is only "Pass/Fail" only in the same sense that SAT/ACT is.... there is a minimum score or you are disqualified.
So unless something has changed recently, it's a scored test, but with disqualifying minimums. But every bit of higher score up to the max will help improve your WCS. Which most candidates need, every point!
Consistent RC and FFR input: Don't leave points on the table!
Your individual candidate may not need the points, and will be told just to "pass" the CFA. Might even be common for recruited candidates. (Athletics and URM)
But that is not the norm, nor does it make the test unscored.
We also received strong input there is a subjective aspect to the CFA in the boards... if you have weaker athletics, a strong CFA performance proactively addresses the question "Can this candidate handle the physical aspect?".
Others on the forum who have board experience can comment better, but that's what RC and FFR types indicated. Very clear input, and consistent across academies.
So our conclusion, it's very risky as a candidate to assume the CFA is pass/fail, just get close to the average, try to guess the minimums, etc.
Competitive candidates in our area are maxing many of the CFA items, and we tell them not to stop trying to improve until they are at least well above average for any they did not max.
But we are a very competitive state, with a large number of candidates and cadets.
I'll also say that every year we see cadets (and cadet candidates) in our state who were borderline CFA but recruited otherwise drop out due to the physical aspect.
Point being: If you can't beat the averages on the CFA, you are probably going to be very challenged at USMA in Beast, CFT, and your ongoing APFT's. (For all but the BB throw, anyway!)