Completely agree, and I've been preaching this same thing for years.
An example (on a much smaller animal, a white tail deer).
I shot a single-horned spike from about 50 or 60 yards, slight quartering to to my right, with 165 gr Grand Slam out of my 30-06, MV was about 2750 as I recall. The buck didn't bleat or jump or even run off. It casually walked away as I sat there, dumbfounded, believing I had missed. I had my youngest son with me, he was about 7 or 8 at the time. Anyway, I finally said "let's go look for blood."
The blood trail was so patent that the boy was able to easily track it. The buck had wandered maybe 75 yards into a privet thicket, laid down, and died. I rolled the body over and found that bullet. The bullet went in the right shoulder, and was found under the skin about 3-4 inches behind the left shoulder.
Near perfect shot placement, and under the "energy dumping" theory, that buck should have died like he was hit with a magical death ray.
More on the math. An 1800# cape buffalo has more than (1800lbs * 7000 gr/lb/(500 gr)) 25,000X the mass of even a 500 gr bullet.
That 150# buck had about 6300X more mass than the 165 gr bullet that killed it.
If the energy transfer theory had merit, we should have certainly seen it play out on my 1-horned spike
No amount of KE or V is going to overcome that kind of mass delta.