Does Quran 4:48 teach us that it is impossible for an idolator to be forgiven, so there is no point in them converting to Islam?

No, Just read the Quran. Like a lot of companion were pagan before Islam (same for a lot of region that convert to Islam like in India, Indonesia, Africa,…)

In a nutshell if a pagan repent -> Allah will forgive him but unlike any others sins : Someone that die as a pagan will not be forgive (even if some others sins can be forgive even in the case someone forget to repent about them).

« And those who do not invoke with Allah another deity or kill the soul which Allah has forbidden [to be killed], except by right, and do not commit unlawful sexual intercourse. And whoever should do that will meet a penalty. Multiplied for him is the punishment on the Day of Resurrection, and he will abide therein humiliated - Except for those who repent, believe and do righteous work. For them Allah will replace their evil deeds with good. And ever is Allah Forgiving and Merciful. » Quran 25:68-70

Source and more detailed article (TW french) : https://www.maison-islam.com/articles/?p=726

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