It's not bullet weight, it's BC (within a certain range). The primary reason for using heavy bullets was to obtain a high BC, but there are plenty of modern bullet design that are both light and have a high BC. A lighter bullet can be driven at a higher initial velocity, and if it has a higher BC will still have superior velocity and energy at long range.
Consider for example the 155gn 0.308 Lapua Scenar versus the gold standard M118LR with its 175 SMK. Both have the same BC of 0.505, but the Scenar can be driven about 200 fps faster at the same pressure. It will have less drop and drift at range than the heavier bullet, and more energy too.
The advantage of 338 Lapua is not just the heavier bullets, but the very hich BC bullets that are available for this caliber. the reason 6.5mm is popular for long range shooting is that you get a higher BC for comparable bullet weight compared to 0.308 caliber.
Bigger (heavier) is not necessarily better.
Consider for example the 155gn 0.308 Lapua Scenar versus the gold standard M118LR with its 175 SMK. Both have the same BC of 0.505, but the Scenar can be driven about 200 fps faster at the same pressure. It will have less drop and drift at range than the heavier bullet, and more energy too.
The advantage of 338 Lapua is not just the heavier bullets, but the very hich BC bullets that are available for this caliber. the reason 6.5mm is popular for long range shooting is that you get a higher BC for comparable bullet weight compared to 0.308 caliber.
Bigger (heavier) is not necessarily better.