I thought more powder = deeper penetration.
It depends entirely on the bullet's design for specific performance against specific materials at specific velocities. Modern weapons/cartridges are literally an engineering system of systems to this end. Push things beyond design and those things come unglued.
A 22 Long Rifle drundling along at 1,000 fps will get far
deeper penetration with its 40gr bullet than a 220 Swift with its 40-grainer ....doing 4,200.
( I gare-on-tee.