Energy release at the point of impact is important. I'm not a ballistics expert but knockdown power is directly associated with released energy at the point of impact. Bullet cross-section, expansion, penetration and placement all play a part in the effectivity of a handgun round on a perpetrator.
I come from the Harry Callahan school of thought. Bigger isn't always better but it ain't bad. Even Harry punched paper with lighter .44 Special ammo.
Not everyone needs a .44mag but even James Bond was persuaded to give up his .25cal Beretta 416 in lieu of the stouter .380 Walther PPK. There is also the matter of deterrence. You pull out a Beretta 950S Minx and bad people may not relent, you pull out a 1911 and they might think twice.
"Nothing wrong with shooting as long as the right people get shot."
Harry Callahan, Magnum Force, 1973