All things equal, more energy = more penetration and expansion.
You'd certainly think so, and I did for a long time. It's not the case. Within normal limits, it actually works the other way around for penetration. Of course, there are two "levers" for adjusting kinetic energy, mass and speed. But if you're sticking with just one bullet type, speed is the key variable.
An expanding bullet that impacts at 1500 FPS will out penetrate the same bullet at 2500 FPS. That's because the slower bullet does not have enough speed to reliably open, and it just pencils on through. And the 2500 FPS bullet will out penetrate a common cup and core bullet at 3200 FPS.
Common cup and core bullets open reliably at 2100 FPS (impact speed...some open at 1800). From there to about 2800 FPS penetration is very constant, about 14-16" depending on the type of tissue. So anywhere in the range 2100-2800 FPS, the wound channel is the same. Adding more speed does not lengthen the wound channel.
Above about 2800, penetration drops off because the bullet opens too much, too fast. Smack a critter with your 7mm Mag using a regular bullet at 50 yards and you'll get a lot less penetration than you would with your 7x57.
Premium bullets change the game. Many of those open reliably at 1800 FPS, and hang together up to warp 9.4. But, by and large, the wound channels they produce are very close to the constant length, regardless of impact speed. So it doesn't matter whether the bullet hits at 1900 FPS or 3100 FPS, the wound channel is the same length. Within those limits, a faster bullet does not get you more killing power, it gets you a longer flatter trajectory and the ability to carry enough speed to a more distant target.
Going to a fatter bullet gets you a fatter wound channel. A big critter like a cape buffalo has a lot of blood, and you have to poke a bigger hole to get it to bleed fast. For North America, 1/2" or so seems to be big enough, or so I'm told.
The game is getting a fat enough wound channel that is long enough to transect a major vital organ that will bleed a lot, like the heart, a major artery, the liver, or the lungs. Fatter bullets make fatter holes. Adding more speed does not make longer holes, it makes shorter holes.