... The shorter actions of the SMs obviously are beneficial in the field.
Depends on the rifle and the barrel length. I find 22" more handy than 24" in bolt rifles. My ..308 Ruger Scout at 16.1" is handier yet, as are my 20" barreled levers.
Most WSMs I've seen have 24-26" barrels.
Exactly. Thats thats precisely why I only said actions! The comparison here would be 308 actions versus 30/06 up to magnum actions or the WSSM action to a 308 SA.
The WSMs tried to compete with cartridges that traditionally have 24-26" barrels. They obviously didnt offer enough.