NG VI, there are a lot of other factors to consider. Not necessarily body armor, but heavy clothing (which is easily possible this time of year where I live). There's also whatever the person has in their clothing - i.e. will I hit something they have in their jacket pocket? I'm not saying a wallet will magically stop a bullet, but it would slow it down. The bullet needs to be travelling fast enough to still crush the tissue underneath it instead of simply pushing it aside.
Heavy clothing doesn't reduce a JHP bullet's penetration though, it will increase penetration in almost every instance. A bullet that can be measured to penetrate 12" consistently in gel may penetrate an extra three or four inches after punching through a down coat and a sweater.
Clothing defeating a JHP just means the JHP expands less than desired and penetrates more than expected. The more the clothing affects it, the less it will expand and the more it will penetrate, until the point where it doesn't expand at all and acts exactly the same as an FMJ.
Most modern bullets are designed with the ability to perform like a JHP should regardless of heavy clothing, so it's rare that you would use a current duty JHP bullet and get zero expansion after any amount of clothing.
A wallet would be one of very few things found in ordinary pockets that would slow down a bullet significantly. If you're shooting repeatedly, you probably won't hit the same obstacle twice. I don't know of anyone who recommends shooting once and waiting to see what happens next.
With FMJ you with a typical straight through penetration shot you would get a primary wound channel ~.35" wide. Using a JHP the average expansion I've seen is around .60", meaning a primary wound channel almost twice the size. Given that you are putting 10 shots into the center of the torso you would have a higher chance of hitting the spinal column with the bullet that carves a larger channel.
Non-rifle FMJ bullets don't leave a wound channel as wide as the bullet is, because tissue is highly elastic and tends to stretch around the bullet as it passes through, sometimes the wounds will close almost all the way after the bullet has gone on it's way. The only real exceptions to that are strikes on bone, which is rigid and will break or shatter, and the liver, which is apparently a fairly hard organ.
JHP expanded diameters vary greatly depending on what generation of bullet you are examining and how you measure expansion.
If you go with the average recovered diameter model, there appears to be little difference between older and newer JHP styles, because it can't account for the very large span of bullets like the HST and Ranger-T, which can surpass three quarters of an inch wide in three separate areas. It seems to me that the space between the petals of bullets that expand into that sort of profile would allow the tips of the bullets to deliver some cutting trauma.
For today's duty JHP, .66-78" is the typical range of diameters. That's a hell of a lot better than a sub-.35" FMJ tract, even if they don't leave a full .70" circular hole all the way through the attacker.