The target wadcutter ammo is underpowered by design - faster recovery during rapid fire, easier on the recoil sensitive when shooting all day, etc. Most people's experience with wadcutters ends there.
Personally, I've been hunting thin-skinned game like whitetail deer with handguns for 40+ years. I'd guess that I've dressed around 100 that were taken with a handgun, very often with handloaded hard cast lead wadcutters. I'd assert that terminal performance on 170+ pound animals is a much more reliable indicator than ballistic gel or gunfight anecdotes.
I'm also skeptical about hollowpoint ammo appreciably expanding if it doesn't hit bone or is moving below ~1,100 FPS at impact. At east coast woods distances, .44 special wadcutters loaded to around 1,000 FPS from a 6" revolver are demonstrably more effective than .45 ACP hollowpoints. They are about as effective as hot .357 hollows at similar distances and shot placements but kick and cost lot less. As a bullet shape, the wadcutter is a solid choice for defense ammo. As a complete cartridge they are, too, when loaded to do that job. They're also much more accurate.