My leanings are to the big chunk of lead moving at modest velocity. Muzzle energy figures make interesting conversation, as do geletin test data, but experience "shooting stuff" with both types of bullets speaks volumes.

The 36 caliber hi-tech hollow point, segmetated screamer may just fail to expand. The 230 gr 45 caliber round will always be at least .45 inches across.

The term "magnum" only refers to chamber pressure, it isn't some magical bullet property. Getting the job done with half the chamber pressure has advantages.

The 45 is known for excellent penetration (some call it excessive), but sometimes you have to shoot through something to hit your target.
A through and through will generate twice the number of "leaks" than will an entrance wound only.