The argument between light and fast vs heavy and slow goes on today. Too much penetration means lots of the energy being spent burying itself in a nearby hillside or building. Big and heavy can mean dumping more energy in the target. Its a way complicated subject, dont get me started on permanent and temporary cavities. Another complication is bullet design, today we have enhanced munitions like Sps HPs Frangible etc. etc.. Victorians had less, until the invention of the Dum Dum in India. Yes, its a place.
I am no expert, but have some minor experience. If defending my life I will chose heavy and slow (ie .45 acp) over fast and light (9mm) anyday. Those Victorians knew what they were doing because of hard experience in almost every corner of the world.