A slightly different perspective;
I have three SP101s, one with the 3 1/16" barrel, the other two with 2 1/4" barrels.
I actually "point-shoot" better with the shorter barrel guns, and don't notice any difference in sighted shooting precision between the different barrel lengths, though all my shooting is short range (7 yards and less), so I'm not prepared to swear there couldn't be a difference at longer distances.
IMNSHO, these are self-defense, short-range-use CCW guns, and it's notably easier to carry the shorter barrel SP101 in "appendix" position than the longer one, though if you carry behind the hip (harder to conceal and/or less comfortable), the barrel length won't matter as much.
The major benefit of the SP101 compared to the S&W J-frames is the SP101's ability to readily and comfortably handle .357 loads. How much .357 Magnum bullet velocity is lost with a 2" vs. 3" barrel is less important to me than the loss compared with a 7.5" barrel (which is what the .357 Magnum round was designed around, circa 1935), since only the long barrels really give the full advantage of the velocity of which the .357 Magnum is capable. Still, a .357 round from a "snubby" will meaningfully outperform a .38 Special round from the same gun.
OTOH, if I intended to carry and shoot only .38 Special loads, I would (and do sometimes) carry a J-frame pre-lock Smith. The SP101 is bigger and heavier than it needs to be for handling the .38 Special.
Best.