Lots of 223 ammo out there. It is a popular round for coyote and such. Hornady makes an interlock in 75g with a deer picture next to it in 5.56.
Not my choice, but if you make archery shots, lungs and hearts, and willing to look for it. It will kill deer.
I hunt heavy bush, where 100 yards feels like a 1000. But blow out lungs with big calibers can still let a deer run a 100 yards. Wide open country, where you can find it easy if it runs would proably be fine.
Then there is next shots.