I have popped balloons at 50 yards with a snubbie. Yes, I missed a few shots but once I learned the hold-over, I more often than not hit one.
Never tried a 100 yard shot though.
Bob Munden used to do some long-range shooting with a snubbie on several episodes of Am Shooter. Probably on youtube.
Adj sights doesn't HAVE to be long-range shooting either. When I teach a female just starting shooting, I always mention, "You may have to make a precise shot from 10-20 yards. What if your husband (or kid) has a knife held to their throat? What then?"
I have both adj & fixed sights on my 2 & 3 inch guns. I much prefer the adj sights for the reasons above.
My .o2