I stopped worrying about this particular issue back in the 80's. Lots of chrono testing with the big name loads of the day revealed that 2" - 2 1/2" .357 Magnum snubs were producing velocities in the 1100fps-1200fps range, (with an occasional one nudging higher, sometimes attributed to a "fast" barrel in a particular gun) ... which was still significantly greater than those velocities typically realized with .38 +P's of the day.
Most of these Magnum snubs were 6-shot medium-frame guns, though (K-frames, Pythons, Security/Speed-Sixes), which really helped mitigate the muzzle blast & torque effect during recoil.
Fast-forward to today's wealth of lightweight & ultra lightweight .357's, and the improved ammunition (bullet designs), and I ended up asking myself if the increased amount of disadvantages (muzzle blast & recoil) of the Magnum loads in the itty bitty guns were outweighed by the ballistic advantages ... for me.
I decided to continue using the better +P loads in my M&P 340's ... but all the usual magnum loads in my all-steel Ruger SP101 DAO 2 1/4" snub. Of course, it's also been quad-ported, which introduces considerations in grip positioning & indexing, so I avoid getting any hot gasses, powder or jacket debris directed toward my face. FWIW, it also results in having the gun remain level when shooting full power 125gr Magnum loads. The recoil force still kicks into the palm & web of my hand, but it doesn't torque the gun upwards and whip skyward. A cylinder load of Magnum rounds can be accurately fired as fast as I can function the trigger. Talk about a balanced compromise.
So, the long & short of it is that aside from the occasional "fast" or "slow" barrel (and variable BC gap), the snub Magnums still produce significantly more velocity ... BUT ... that
may, or
may not, be something desirable from the shooter's perspective, or necessary in order to achieve some degree of expansion along with desired penetration.
Being able to experience a desirable rate of sustained & accurate fire might dictate the use of +P, or even standard pressure loads (including target wadcutters), depending on the gun, shooter & ammo factors.
Maybe the extra velocity of Magnum loads will be good for someone, and maybe not.
Kind of depends on the shooter and the anticipated task(s) envisioned, too.
Dunno the answer for anyone else. For
me, though, the M&P 340 I brought along as my LEOSA weapon for my driving trip out-of-state is loaded with +P.
