I have both a CZ 550 American in 6.5x55 and an M96. I do sometimes take the M96 as a backup gun while hunting in case the scope on the CZ gets buggered (no irons on the American version of the 550).
The M96 is really fun at the range, and if needbe it would also be a very capable hunting rifle within the limitations of the iron sights and shooter's eyes.
I used my CZ to kill a large cow elk last October. We didn't have a scale, so I don't know the exact weight, but I would estimate live weight of at least 500, probably more like 600 pounds. Range was about 120 yards, and the load was a 140gr Barnes XLC above 50.0gr RL 19 and a Fed 210 primer (NOTE: that is and above max load, use at your own risk). MV was chrono'd at 2850 fps. Angle was 25 deg or so from head on. Bullet did not exit and no blood trail was found. But, she piled up 38 yards from where she was hit, stone dead. (As an aside I've just pulled a small steak from the freezer for dinner, mmmm - yummy).
Based on that experience I would not hesitate to use that combo again for elk, but I'd probably wait on a more broadside presentation if the animal was any bigger. That or maybe experiment with conventional (jacketed lead core) bullets like the 160gr pills from Hornady and Sierra, or the 155-156gr bullets from Norma and Lapua.
But, that load above is one that I am absolutly not willing to shoot in my M96. That rifle is older than my grandmother, and I'd be afraid that I'd damage it with such a hot load.