I've done considerable loading for 2" and 3" .32 H&R Mag revolvers, and quite a bit of testing into ballistic gel, both handloads and factory ammo.
All of the factory ammo - when available - feature lightweight bullets at .380-level velocities. The industry thinking is that this is a calibre for recoil-adverse folks and that's the main point of the cartridge. None of these weak factory loads exceed 170 ft lbs out of a 2" barrel. Forced to use one of this lot, my testing suggests the Hornady 80 grain FTX to be marginally the better one.
32 H&R Magnum has a lot of potential for the handloader. However, finding a suitable bullet and full-strength data is the difficult part. Speer has nothing to offer, Sierra has given up on producing revolver bullets, and the Hornady supplies the it's .32 XTP bullets once every blue moon. The 85 grain XTP bullet will expand to .40 and penetrate 17" if driven to 980 fps+, which is easily obtainable in a 2" barrel. The 100 grain XTP bullet needs closer to 1100 fps to expand to .40, which is borderline in a 2" barrel, and kicks like hell. Finding either of these XTP bullets during the current situation is frustrating.
This leads a lot of folks to just use a cast bullet, most of which are better than a sharp stick, but not great. The various 95-100 grain commercial cast SWC bullets available are basically RNL with a small flattened meplat. They penetrate over 28", but offer little else. In a SWC bullet I would suggest the largest meplat you can find. The various cast 98-100 grain WC bullets have a larger meplat, and might be a slightly better choice. Both these bullets can obtain 850-1000 fps in a 2" barrel, depending on powder choice.
Heavy weight 115 grain bullets are available, and in RNL form often tumble in the target, increasing effectiveness. The SWC styles offer greater penetration. These can attain 800-850 fps in a 2" barrel.
If you cast your own bullets, there's a wider selection of molds with excellent shapes and meplats. In 50 years of reloading and shooting in various competitions, I've met exactly two people who cast their own bullets. I have enough trouble finding time to reload with components.
For the non-caster, I've found great success with GT Bullets RNHP style cast bullets in 100 and 115 grain. They can be special ordered in 40:1 alloy. These will expand to .50-.60 when pushed to 980 fps and 840 fps, respectively, and penetrate 9-12". In .32 H&R Magnum revolvers with 2-3" barrels, I think they are the very best choices for the handloader.
If you are looking for a light recoil load, the Hornady 85 grain XTP @ 980 fps would be best.
Loading data is another bugaboo. Most published manual data is compiled in a 5" or longer barrel, and is pretty wishy-washy. Your 2" barrel velocities will be 100-200 fps less than what is listed. The best source for full-monty .32 H&R Magnum data is the excellent article by Brian Pearce in Handloader Magazine Vol 53 October/November 2018. This is well worth obtaining for the handloader.
For milder practice loads, any faster-burning powder works fine - I use 700-X or Titegroup, usually with 95-100 grain cast bullets. You're not winning bullseye events with a 2" revolver.
For full-strength loads, medium and slow burning pistol propellants will give you the highest velocities, as usual. There is plenty of case capacity to utilize them in .32 H&R Magnum. Hodgdon Lil 'Gun powder is tops for the highest safe velocity - and recoil. I've experimented with HS-6, and while the velocity and accuracy is good, there is unburned powder even at the top of the pressure limits. Currently for 2" and 3" barrel guns, I am using Accurate No.5, which gives excellent accuracy and velocity, with lower recoil than Lil'Gun. In manuals the Accurate data in this cartridge is rather lame; I again suggest the Handloader article mentioned above to learn what this cartridge is capable of.
The .32 H&R Magnum is excellent for the diligent handloader. In my S&W 431 PD, it's a great small revolver for carry. Good luck and be safe.