When people exclaim how effective it is, it is because they are surprised how damaging it is for a round its size, when 'horse sense' says it should reach only like half what 9mm achieves, as opposed to roughly the same result.
TCB
Barn; much of that "huh?" value when seeing what the round does to flesh is due to pushing a tiny, pointed, frangible projectile at extremely fast speeds. On paper the kinetic energy is only in the lower 300ft/lb, which the 9mm utterly destroys.
The 9mm will absolutely penetrate deeper; no doubt about it, as it has mass on it's side. It'll punch through bone and other obstructions better. It creates a neat, round permanent crush cavity until it slows down enough just to push tissue aside, then it stops.
But what a 40gr projectile fired out of a 5.7x28 does in the first 4-6" of it's penetration is put quite simply, very nasty stuff. After 4-6", one the jacket fragments (or sheds), the core just drills through until it stops, leaving a tiny wound track that doesn't do much damage.
A friend of mine once brought over a VHS tape (which dates both of us, unfortunately), called "Exploding Varmints". It was an hour+ long frag fest of prairie dog hunting, mostly high velocity lightweight varmint rounds being used to spectacular terminal effect on rodent pests in the upper great plains. (Many shots were replayed in ultra slow motion..)
Somewhere in that gory hunting movie, is a lesson to learn about high velocity lightweight rounds that fragment on impact. They are incredibly damaging to soft tissue.
Which brings me back to the point I made earlier; two basic ways to stop an aggressor with projectile weapons. CNS shutdown (which any bullet can do equally well, if it hits the brain stem, upper spine, etc), or blood loss and unconsciousness.
Massive soft tissue disruption lends itself very well to the blood loss and unconsciousness end of that equation. The thought of taking a high velocity 40 gr .224" projectile anywhere near the heart arterial cluster, or liver is just.. well, I hope it never happens.