IMHO, and that’s all it is, target wadcutters are great for paper punching, training, revolver familiarity, and self defense… IF the shooter can’t handle .38 rounds purposely designed for self defense. (I would rather have .38 target wadcutters than .22 LR as a defensive round for example.) I have had 148 gr DEWC bullets at target speeds fail to penetrate and bounce off of rubberized target backing materials out of 2 and 4 inch revolvers, material that even 12 ga shotgun wads often get stuck in. That personal observation does not give me much faith in the target wadcutter loads against human attackers or feral critters.
There are some boutique makers with hot-loaded wadcutter ammo that is intended as a defensive load. I think these would be more effective than .38 Special 700 fps target stuff. But, I would prefer an HST/SXT/Critical Defense load myself. (Which is why I have the +P Critical Defense loads for my .38’s.)
15 yds, 2” Colt Cobra, 24 shots. Target wadcutters shoot about 3” high in this gun.
As for target wadcutter ammo, it is usually very accurate and pleasant to shoot. The only downside is it can be pricy to buy factory-loaded, but it is very economical if you reload. The mild manners of these loads can encourage people to shoot more often and hopefully improve their familiarity and marksmanship.
These are three wadcutter bullets, L to R a coated “button nose”, a plated “double end” and a lead double end. (I don’t have any “hollow base” wadcutters, those are flat on the point and have a cavity in the base).
I shoot wadcutter ammo all the time, just yesterday I loaded another 200 .38 Special 148 gr DEWC loads (over 3.0 gr bullseye) to replenish my stash.
Good luck out on the range, let us know how the gun-load combo shoots for you when you get a chance.
Stay safe.