Just personal opinion after buying and working on S&Ws for over 60 years, but I don't believe the bevel on the flute corners of earlier S&W revolvers is a carry-over of a "black powder bevel" so much as it is just intended to break the corners of the flutes that can be sharp. It removes the corners that can cut the inside of holsters and cause scratches and cuts to the "carrier" of the gun sometimes, especially on holstering (personal experience)! Just one of the minor details that make the older guns just a bit more "refined" than more recent guns that have sharp corners.
Deletion of the bevels was probably no more than an early cost-saving measure that reduced a separate machining operation and polishing time for final finishing.
Just like deletion of recessed chambers and barrel pins that required additional machining operations, were really un-necessary, and were deleted to save production costs.