Yup. The 38+P is significantly ahead of the 380, even out of a 2" barrel on the 38 compared to 3" to 4" on a 380, even when the "raw energy numbers" come out in the same ballpark.
The difference isn't so much energy level as it is the ability to design bullets without worrying about feed issues or max weight. Follow? Once you use a heavier bullet of 130 - 158 grains and a bigger JHP cavity, screw the energy numbers, there's a REASON the 38 has been geekin' baddies since Eliot Ness walked a street beat.
If Federal ever gets the E-FMJ concept working in 380, or Cor-Bon gets the Pow'R'Ball down to that caliber and one or the other tests out well, it *might* be time to revisit that.
BUT aside from ballistics, there's another big advantage to the lowly snubbie: at close range, it's an excellent fighting handgun. It can't go out of battery on hard muzzle contact, it's simple to "grab and go" with no complications, and it's extremely hard to strip it out of your grasp. In a fight that starts at 3ft range (measured torso to torso) there's no other gun I'd rather have.
10 rounds don't count for much if you're not alive after round five.
NOTE: while I'm a major proponent of the 38+P, in a snub you have to very carefully pick your ammo. There's only a few rounds I'd trust from a 2" tube, the best IMHO being the Winchester 130 +P Supreme JHP and the lead (not Nyclad!) 158grain lead hollowpoints by Winchester or Remington or apparantly Federal used to load these and they were pretty good. These are also known as LSWC-HP 158 +P, or various names like the "Treasury Load", "Chicago Load", "Metro Load", etc.
My personal snubbie is "bedside loaded" with the 158s (Winchester's variant, the easiest to find by far!), with five Winchester 130s in a speedloader because due to the shape, they're easier to load in a hurry.