The main advantage of a 32 is that the pistol and ammo load is so light compared to a 380 or 9mm lightweight.
A Keltec 32 with 8 rounds weighs about half as much as a steel 380 loaded with 7. (As I recall).
A 32 is absolutely positively a pocket pistol. (If you like Walther PPK's by all means select a 380). But in a polymer frame pistol the 32 is the "Reference Standard," for a pocket pistol.
I would only use FMJ in a 32.
(Its like elephant hunting, penetration and shot placement is everything).
And yes, I have hunted elephant.
In the 380 there are at least three decent 380 expanding bullets. But that is way less choice than you have in larger calibers.
I carry a 380 with 90 grain Gold Dot but that does not mean I dont respect a 32 Keltec. I have some LE freinds that ALWAYS have one on them. And a waist band in larger caliber off duty as well.
Think of the 32 as a key fob for your car keys.
Always w you.