Historically I have read:
The .32 Winchester Self-loading cartridge for the Winchester Model 1905 Rifle
165 gr at 1,392 ft/sec for 710 ft/lb was not a deer hunting success.
The .351 Winchester Self-loading cartridge for the Winchester Model 1907 Rifle
180 gr at 1,870 ft/sec for 1,400 ft/lb was a deer hunting success.
If a 710 ft/lb load failed to impress the average deer hunter (or deer), what is chance of a 498 ft/lb load working for all but the few hunters honestly capable of surgically precise shot placement?
What is the point of the 220 gr .300 Blackout round? To "offer subsonic performance greater than the current standard 9mm Luger round" in ARs with cans. The subsonic 9mm Parabellum is 147 gr at 990 ft/sec for 320 ft/lbs. The 220gr Blackout beats the 9mm subsonic as an antipersonnel round, its niche purpose. Its purpose is not deer hunting with the average hunter.
I'd think of using the 125 gr .300 Blackout for deer, but not the subsonic load.