Yes; when you shoot an animal with an overly powered firearm, you simply waste energy in whatever is behind or beyond the animal.
Wow. Not too many people left holding on to that old camp myth
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How much energy is left behind the target when using a 30-06? 20%? 50% Do you know? The faster the bullet, the faster it will start expanding and causing hydrostatic shock. The 7.62X39 is an adequate deer cartridge but certainly not better than the 30-06. The 30-06 is going to expend plenty of energy inside the deer. Don't worry about that.