I had and carried on duty a 3 1/2 inch Model 27 a few years. Liked it better than my Model 19. Replaced the 27 as a carry weapon with a Model 66.
As for your question:
Back a hundred years and more, John Browning had this nice little pistol in 45 cal with a 200 grain bullet. He updated that pistol and the round for it and we have the 1911 Colt and .45 ACP. This was loaded with 230 grain bullets with a nominal chamber pressure of 16,000 lead units of pressure. (No, I can not explain just what that is. Only that it is a steel ball pressing into lead or something like that. I actually don't care.)
Move forward to the mid 1930s. Another new, hot shot, 38 long, super speed, wiz-bang chambering round comes out. This one is called the .357 Magnum! Sounded impressive and it actually is. This one gets a lead units of pressure of 35,000. What does that mean? It makes a lot of noise, kicks hard and pushes bullets very, very fast. Fast bullets convey greater energies.
Let see..... 16,000 compared to 35,000... That's almost double the pressure!
Energy from the .357 Magnum is going to always over shadow that of the .45 ACP.
Other things to think about; penetration - expend all energies in the target or some place the other side of that target? Bullet channel - the .357 has a frontal area of 0.100098 square inches. The .45 ACP is 0.159751 square inches. That's half again larger. Expansion - Smaller bullets (at pistol velocities) depend upon bullet expansion to make bigger wound channels. Bigger bullets just lumber along and make bigger wound channels.
I'm not about to get into an argument, speed versus mass. That has been beaten to death with no winners. It takes a lot of both.
I don't know your uses for either of these. I favor rapid reload and fast follow ups for self defense. Poking holes in paper is just enjoyment, use both if you like. Hunting, with a hand gun, is a specialized process. I wouldn't favor either stated round for much more than vermin disposal. Not that both can't and haven't taken a lot of large game. Just not what I consider ideal.