It does to a degree. Remember that most revolvers -- not specialty pistols chambered in bottleneck rifle cartridges -- cannot produce really high velocity. They will not necessarily produce deeper penetration gong faster as the resistance climbs with higher impact velocity. I believe, as do others to include John Linebaugh, that there is a bit of a dead zone over a certain velocity where gains are so minimal as to not be worth the added recoil and subsequent punishment. Once you pass that threshold, the gains are more prevalent.
The Linebaugh Seminar results are always interesting particularly when the big-bore rifles are pulled. It's worth going back and looking at the results.