I think bullet and ammo companies have made significant improvements in performance in gelatin tests which result in great marketing photos and videos from professional and amateur reviewers. Basically, I think they are designing to the gelatin tests.
Real world performance on bad guys wearing a variety of clothing, hit at all sorts of angles etc? Yeah, no, I don’t think today’s ammo is significantly better than what we had in the mid ‘90’s. We already had decent performing JHP’s for some time by then, and Cor-bon and others were pushing +P+ velocity limits in factory loads. If you want to argue the ammo available in the 1960’s, maybe.
I also think the permanent wound channel is what matters at handgun velocities. Flesh is fairly elastic so if there isn’t a hole punched through something critical, a person is going to live for quite a while. With rifle bullets at Mach 3+ the temporary wound cavity and cavitation may play a bigger role.