My impression is the OP's proposed question could be paraphrased "If firing the same caliber, same weight bullet at both a low/standard velocity and a high velocity, is one more effective at quickly killing game?" It would appear most agree that with premium bullets, the higher velocity round will be more effective.
I believe some are trying to turn this into the old "light, fast bullet vs heavy, slow bullet" debate, which is a whole different argument.
You pretty-well nailed it. I want "general answers" that can then be "adapted to the specific"
What is "the specific" in my case?
The 5.56, after a deer. The 75gr Gold Dot, which I have found to expand to around 0.55" and penetrate around 20" (plenty to through/through a deer), but which leaves my barrel at 2500fps
Or the 55gr GMX 5.56, which I note leaving the barrel at 3100fps or so, and expanding to .45 calbier, while penetrating again around 20".
So is the slight expansion loss worth 600fps? Is 600fps worth anything at all, over 2000fps or so impact velocity?
Those who shoot people for a living and study the effects thereof (Dr. Roberts, among others), have told me "No/doesn't matter", but I also know hunters, who look at a block of jello and "expert" opinions and say "That's fine, but I've killed hundreds of..." "and I can tell you...that jello isn't the real world".
Hence my posing the question here. Among people who shoot animals, which are not motivated by opinions, TV shows, fear of dying, etc. but simply react to stimulus and environment.
I am aware that my choice of 5.56 is not one that allows me to "pick whatever bullet" and ethically kill deer with. I am attempting to make informed selection, therefor. Last year I used the 64gr Bonded round that Olin loads for the FBI. It worked well, but I honestly would have liked to see more damage from it. My shot placement was flawless, and the animal is dead. Just as fast and ethically as if I had used a .300WM and taken the same shot. Still, I'm looking to see what other options exist that may be better.
Also, this thread is again about generalities, to spawn healthy debate, and help others adapt what is discussed to THEIR circumstance.