I think you are calling hydraulic pressure a pressure wave. Either way that is a part of the of the case of the wound channel the other part is the amount of direct crushed tissue. The factors that create a wound channel are the amount of direct applied force, the amount of momentum transfered, the amount hydraulic pressure.
A pressure wave is a more precise description. It's a sudden increase in pressure in the tissue, not just the water content of the tissue, and this pressure increase propagates through the tissue. Direct applied force and momentum transfer are redundant, as force is equal to the rate of momentum transfer, but I agree that the wound channel is determined by the amount of applied force and the extent to which that force propagates through the tissue as a pressure wave.