Make sure to interact with the first piano and the first phonograph before passing this point.
It’s right at the beginning, after entering the hotel for the first time.
Luckily, there is only one point of no return. For the good ending, you must find all four music sheets and play the song yourself at the end. For the bad ending, you must find all four cylinders and trust Elisabeth at the end. Both can be unlocked during a single playthrough by reloading the last save after the credits.
Walkthrough + 100% Achievements Notes & Road Map