Did you convert your Ellipse path from a parametric path to a Bezier path?
Also, you’re redefining point1 over and over; I think you want to change those to the other 3 points, like this:
indexProperty = thisProperty.propertyGroup(1).propertyIndex;
mask1 = content(indexProperty-1).path;
point1 = linear(time, 0, 2, mask1.points()[0], mask1.points()[1]);
point2 = linear(time, 0, 2, mask1.points()[1], mask1.points()[2]);
point3 = linear(time, 0, 2, mask1.points()[2], mask1.points()[3]);
point4 = linear(time, 0, 2, mask1.points()[3], mask1.points()[0]);
createPath(points = [point1, point2, point3, point4], inTangents = mask1.inTangents(), outTangents = mask1.outTangents(), isClosed = true);