I do believe in the smaller calibers that SD can make a difference. On the other end I shot about a dozen deer with a 9.3X62 with a Norma 232g bullet. Not a high SD bullet by any means. It does how ever hammer a deer, and does not tear up any meat.
S.D matters with every bullet, but taken alone it is a very poor indicator of terminal performance. To be meaningful in any way you need to specify a bunch of things, like construction, , impact velocity and rate, degree and manner of deformation. With those fixed or typical parameters and caliber known, S.D. becomes a more reliable predictor. But given all those knowns, you could use bullet weight just as well.
BTW, your 232g/9.3mm bullet has a S.D. of around .247. Don't try stopping any bears with it.
