The .40 can do very well from a short barrel. I've shot and chrongraphed quite a few .40's out of a 3.5" G27 as well as my 3" Kahr CM40. Believe it or not, the 3" CM40 regularly posts higher velocities than the 3.5" G27.
I've chronographed .357's from a 3" SP101 too. Basically it depends as far as what you're looking for. The .40's have the advantage of the semi-auto platform like being more compact and faster to reload as well as holding more rounds. I've had 2" .357's but I don't anymore and never chronographed any..but they recoiled a good bit more than even my small 3" Kahr CM40.
So does the .357 post significantly higher numbers? Nope. It's going to have higher sectional density than the .40 rounds (of similar bullet weight), but knowing what it does in a 3" bbl, I can't imagine a 1 7/8" snubbie posting much higher numbers, but it will recoil more.
Glocks and Single Actions