With traditional equipment, that is relatively true, because the KE is relatively low, the MOMENTUM becomes more important. As does the choice of BH, and FOC. With our high-speed modern compound bows, a compromise fo the the two seems to be the choice of most hunters, because more speed equals less trajectory to compete with, which in turn make our bows more effective at longer ranges, and allows us more error in yardage judgement. Idaho, unless they've changed, requires that a hunter's arrow weigh at least 400gr's, which lends itself to making hunters more effective especially when hunting large game like ELK, etc.

The argument over it is similar to a baseball being compared to a tennis ball, a tennis ball traveling at 130 MPH may have the same KE of a basebal at 90, but I can certainly tell you I'd rather take a tennis ball at 130 than a baseball at 90. Swing this debate around to turkey hunting, and everything changes, because speed is probably better with a turkey, because his body will "give" with the impact, and dissipate some of the KE, therefore, you may want a faster, lighter arrow when shooting turkeys.