I've chronographed various .357 HOT handloads from various barrel lengths. I like the heavier bullets, 140 for carry, in snubbies because they perform better. The 125 grain stuff seems to accelerate so fast that most of the pressure peak comes with the bullet OUT of the barrel, leads to tremendous muzzle blast and milder recoil, but I was getting only 1102 fps/337 ft lbs from a 125 grain Sierra over 18 grains of 2400 from a 2.25" Ruger SP101. Weigh that against 1332 fps/551 ft lbs for my 140 grain load with the same powder. You might get up to 400 ft lbs out of the 125 grain load using a faster powder, maybe blue dot, but I get 410 ft lbs out of a 3" 9x19 +P 6.4 grains unique/115 grain Hornady JHP/XTP. That's a 14 ounce gun, more compact and pocketable and easier to shoot with less muzzle flash, blast. I don't really care about .357 in anything less than 3", but when I carry a 3" gun, I carry a 140 grain JHP for this reason AND it's very accurate, a Speer bullet.
Regards to whether .38 Special is better, it certainly is easier to shoot and I carry a 17 ounce snubby a lot with +P loads, but I do NOT get over about 275 ft lbs from it using 158+Ps. The .357 has better ballistics, especially with the heavier bullet, if you can shoot it well. Muzzle blast is still pretty fierce. 9x19 seems to be the best answer to ME for a gun this size, but YMMV. It's a far more efficient round, though, in this caliber owing to the pressure limits and the fast powders that work best in its case, and it has less recoil and muzzle flash/bang than the hot magnum loads in short barrels.
125 grain JHP/18.0 grains 2400......1102 fps/337 ft lbs
140 grain JHP/17.0 grains 2400......1332 fps/551 ft lbs
180 grain SWC/13.8 grains AA#9....1306 fps/682 ft lbs