Since you are new, I'll give you my impressions... Forgive me if you know all of this.
In any caliber, you typically have three main weights. In 45 these are 230 gr, 200 Gr and 185 Gr. In 40 these are 180 gr, 155/165 gr and 135 gr. In 9mm these are 147 gr, 124/127 gr and 115 gr. The lighter weight bullets typically are considerably faster than the heavier bullets esp when looking at the extreme heavy and the extreme light.
With a similar bullet design, penetration is typically going to be more with the heavier bullets. They have more inertia and more weight (leading to more sectional density) with the same diameter. Energy is typically higher with the lighter bullets as energy is mass miltuplied by velocity squared. While this may be exciting to some folks, it has VERY little to do with acutal stopping ability.
Imagine this extreme. You either have a 230 gr FMJ bullet that will go into the bad guy, not expand at all - there's a decent chance it will completely penetrate so that means with proper shot placement, something important was hit. On the other extreme. Take a CorBon 115 gr 9mm bullet. The jackets very well may seperate leading to drastically reduced penetration and if there are some fragments that penetrate deeply, they may be very small fragments. Point is, you could have ideal shot placement, and the bullet might not make it to something important.
I've read many 'famous' sources and I've talked with local sources as well as having digested many internet reports, some of which I trust almost as gospel, some of which I trust not so much. I feel that I like the idea of penetration AND expansion so I try to seek rounds that first of all, penetrate consistantly and have a reputation of expanding reliably. In 45, I like 200 gr and 230 gr Gold Dots, 230 gr Golden Sabers and 230 gr and 230 gr +P Ranger Ts as my top loads. I used to be a 'HydraShock only' guy pretty much based on Evan Marhsall. Many sources cite less than reliable expansion. I guess with a round that has adequate penetration, less than reliable expansion is better than the zero expansion from FMJs, but I'd like better than a 50/50 chance of decent expansion.
Sorry if that was too long winded!
To your original question, I've absolutely never seen and never used any 165 gr 45 ammo other than the Power Ball.