Yes, but the extra punch from the .300 is largely wasted energy until you get into the big or bad stuff.
Jack
....... It's noticably more effect on larger game.
I think that's true.
But what I notice is that a properly applied bullet from either one, puts animals under the knife.
For the record...two of the fastest kills I've seen on 6x6 bull elk,were with a 7 Rem Mag and 160 gr Nosler Partitions. One at over 500 yards.