I have shot magnum loads. Accuracy was acceptable. But normally I got better accuracy cutting the load down to around 100 grains. If I were hunting dangerous game, I guess I would want a large bullet with good expansion and as much powder behind it as possible.
Still we have hunting reports coming in where people shot elk with 90 grains of powder and found the projectile on the other side of the entrance wound, just under the hide.
Before the entire concept of magnum loads came about, we were happy shooting 70-100 grains of powder and hunting the same animals they hunt today with magnum charges.
So if your rifle shoots magnum charges accurate, and you don't mind the cost or recoil, then by all means shoot that. Actually a lot of us come close to magnum charges when we shoot 110-120 grains of loose powder. But again, shoot what the rifle tells you to shoot. I'd rather place my bullet through the heart then pound by bullet through a non lethal area.
I have an inline that shoots 70 grains and a 460 grain conical bullet. To me this is about a perfect deer hunting load where I hunt. I am not under gunned, and I know this will do the job. But I have rifles that will shoot magnum loads and depending on what I was facing, they might be an excellent choice.